An estate administrator manages and settles the affairs of a deceased individual. This role involves overseeing many different functions, according to California’s laws or the terms of the deceased’s will.
Managing the probate process
The estate administrator files the necessary documents with the probate court to open the estate. They prepare and submit an inventory of the deceased’s assets, including bank accounts, real estate, and personal property. In California, the administrator uses simplified probate procedures for qualifying estates based on their size and contents.
Paying debts and taxes
The administrator identifies and notifies creditors about the individual’s passing. They review outstanding debts, validate claims, and pay them using the estate’s assets. The administrator calculates and pays applicable taxes, such as estate and income taxes, to ensure compliance before distributing the remaining property.
Distributing assets
The estate administrator distributes the remaining assets to the rightful heirs or beneficiaries after resolving debts and taxes. When the deceased leaves a will, the administrator follows its instructions for asset distribution. Without a will, the administrator uses California’s intestate succession laws to determine how to divide the assets.
Addressing legal requirements
The administrator follows California probate laws and meets all required deadlines. They obtain appraisals for specific assets, file necessary reports with the court, and ensure compliance with all legal obligations. They avoid delays and penalties by addressing each requirement promptly and accurately.
Closing the estate
A final accounting to the court is also submitted by the administrator after completing all duties. This report includes details about asset management, debt payments, taxes, and distributions. The court approves the report, and the administrator closes the estate.
The estate administrator handles these responsibilities with precision and adherence to California law. Their work ensures the proper settlement of the estate and honors the deceased’s wishes.