Probate administration is a legal process that occurs after someone passes away without a trust or beneficiary designations for their assets. When this happens, a formal court proceeding is initiated to administer the decedent’s estate. In probate, the court appoints an individual or entity to serve as the administrator or executor of the estate whose role is to manage and distribute the decedent’s assets according to the law and the terms of the Will, if one exists.
Sara’s 25 years of experience in probate administration positions her well to fulfill the responsibilities of administering a decedent’s estate. As a licensed fiduciary, Sara can be appointed by the court to act as the administrator of the estate.
Sara’s duties as the administrator of the decedent’s estate typically include:
- Marshalling Assets: Identifying and collecting all assets belonging to the decedent’s estate, which may include real estate, bank accounts, investments, personal property, and other assets.
- Inventory and Appraisal: Preparing an inventory of the estate’s assets and obtaining appraisals, as required by law, to determine their value.
- Debts and Taxes: Determining and settling any outstanding debts, claims, or taxes owed by the estate, which may involve selling assets to cover these obligations.
- Distribution to Heirs: Distributing the remaining assets of the estate to the rightful heirs or beneficiaries according to the decedent’s will or the laws of intestacy if there is no will.
- Accounting and Reporting: Providing an account of all transactions and distributions made during the probate process to the court and the beneficiaries.