One of the most complex aspects of losing a loved one is handling his or her property after death. Those left behind have the responsibility of settling remaining affairs, honoring the wishes of the deceased regarding what happens to his or her personal assets and more. You and others left behind must adhere to the terms of the will, as well as meet other requirements of the estate administration process.
Estate administration involves gathering all of the assets associated with the estate, paying off remaining debts, handling tax return concerns and more. It is a complicated and important process, and it is important that those left behind understand the requirements. This understanding can help you prevent problems and avoid issues that may affect you later as you seek to close remaining affairs and settle your loved one’s estate.
Required steps and important expectations
If you are the one tasked with the responsibility of overseeing the administration of an estate, you will benefit from knowing what to expect and what steps you can take that will allow you to complete this process as easily and thoroughly as possible. Some of the things you will have to do during the estate administration process include:
- Locating, gathering and safeguarding all of the assets associated with the estate of the deceased
- Paying off the debts of the deceased and handling outstanding tax matters
- Distributing remaining assets to beneficiaries according to the terms of the estate plan
The individual overseeing the administration of an estate is the executor of the estate. The deceased may name this person in his or her estate plan, or the executor could be a person appointed by the court to oversee the estate administration process. If someone has named you the executor of an estate, it is important that you are familiar with the steps of the estate administration process.
Assistance with administering an estate
When it comes to administering a Pennsylvania estate, you do not have to walk through this process alone. In addition to knowing what to expect from this process, you may also benefit from seeking professional assistance as you seek to meet these requirements and complete all the steps as quickly as possible. Preparation and assistance can help you avoid problems that may cost you time and money in the future.