Probate Executor: Administrating Decedent Estates
Probate executor refers to a person who has been designated within a person’s Last Will and Testament to oversee their estate upon death. Probate is the legal process used in the U.S. to validate decedents’ Wills, pay their outstanding debts, and distribute assets to designated beneficiaries.
The probate executor can have a variety of duties. Much depends on the estates’ value and estate planning measures taken prior to death. Estates valued over $50,000 generally require the assistance of a probate attorney or estate planning service to ensure documents are properly filed through the court.
When a person dies intestate (without a Will), a probate judge will appoint an estate administrator. Oftentimes, this is the surviving spouse or family member who steps forward to assume estate management duties. If no spouse or family members exist or accept the position, the judge will appoint an outsider to manage the estate.
Probate executors must be at least 18 years of age and never convicted of a felony. It is a good idea to appoint someone who is good with finances and can handle stressful situations. This is particularly true if family strife exists.
Estate administrators are responsible for obtaining an inventory of decedents’ personal belongings and valuable assets. Items such as real estate, jewelry, antiques, collectibles, and automobiles must be appraised to obtain date-of-death values.
Upon death, the probate executor is required to submit the decedent’s Will and death certificate through probate court. At this point, all assets are held until outstanding debts are paid and administrative duties fulfilled.
Another aspect of estate management can include making or finalizing burial arrangements. When funeral preferences have been prearranged, probate executor duties are limited to finalizing plans with the funeral home director.
Probate administrators might be required to purchase burial clothing or write the obituary, provide music selections, prayers, select pallbearers and contact relatives and friends to advise of the burial ceremony.
Individuals who have purchased life insurance policies should advise probate executors of the location of important documents prior to death. Life insurance policies are used to pay for burial expenses. Typically, beneficiaries assign their rights to the funeral home to cover these expenses. Any remaining funds will be distributed to named heirs after the funeral home has been paid.
Probate executors may be responsible for notifying government agencies of the decedent’s death. These can include Medicare, Medicaid, Social Security and Veteran’s Administrations. In some states, funeral homes contact these agencies.
Estate administrators are responsible for submitting a Notice to Creditors, informing them of the decedent’s death. When the estate does not have adequate funds to repay creditors, the probate executor can attempt to negotiate debt. Depending on the amount of outstanding debts, the services of a probate attorney might be required.
Executors are responsible for cancelling insurance policies such as automobile, homeowners or renter’s insurance. Most insurance policies must remain in effect until probate settles. Policies are paid through the estate.
Once the probate judge signs off on the estate, assets must be distributed to heirs according to directives outlined in the decedent’s Will. If no last will exists, the Administrator must adhere to distribution under the guidance of a probate judge.
California real estate investor, Simon Volkov, buys estates held in probate to provide heirs with cash for inheritance. If you are a probate executor who needs to sell estate assets to pay outstanding debts, fill out the <a rel=”nofollow” target=”_blank” href=” we”>http://www.simonvolkov.com/forms/probate.html”>we buy probate assets form at www.SimonVolkov.com.
Article Source:http://www.articlesbase.com/personal-finance-articles/probate-executor-administrating-decedent-estates-1273687.html
Related articles by Zemanta
- Inheritance tax Q& A (telegraph.co.uk)
- If health insurance is an employer-based system… (medcitynews.com)
- Public Option: Simple, Familiar, Essential, and Deserving of Obama’s Support (campaignsilo.firedoglake.com)
- Did You Get the Memo? Howard Dean is Shrill (seminal.firedoglake.com)
- Attorney Claims to be Michael Jackson Co-Executor (idiomag.com)
- What’s in Baucus’ health care proposal? (cnn.com)
- Should the Swiss Health Care System Be Our Model?–Posner (becker-posner-blog.com)
- 47% will pay no federal income tax (money.cnn.com)
- Pensions: How states and local governments indulge in deficit-spending (blogs.law.harvard.edu)
- Health-Care Reform: Uninsured Young Adults Are a Problem (time.com)
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=083a4708-5654-4c20-bd14-6569d860ae33)
Share this:
Read also:
- Auto Leasing - What if You Have Bad Credit
- The Best Investment to Start Saving for Your Child's College Tuition
- International Debit Cards Rule
- Forex Expert Advisors - Directional versus Mechanical
- Personal Bad Credit Online Installment Loans – Easy Track of Reimbursement
- Why Specialist Car Insurance May Be Best For You