The executor or administrator takes the original will (if one exists), and the death certificate to the circuit court clerk . The court orders a certificate of qualification that gives the executor power to legally manage the estate. Notice of qualification given to heirs and beneficiares.
Assets are inventoried with the commissioner of accounts and appraisals are ordered. Creditors are notified; outstanding debts and taxes are paid. An estate bank account and EIN number are established. Ongoing communication with heirs. Legal deadlines followed.
Asset dissolution plan is executed-assets as well as real estate may be sold to satisfy debts or in accordance with the terms of the will. After bills and taxes are paid, net estate's assets are then distributed to the heirs. Executor does annual accounting showing receipts, bills, bank statements, etc.
The final accounting of assets and distributions is submitted to the court. The court is petitioned to discharge the executor of responsibilities and duties and formally close the estate. The probate process can take anywhere from 6 -18 months to complete dpending on the complexity of the estate.
Visualize estate administration as a complex puzzle and you as the executor hold the key pieces. Place them incorrectly and the entire picture of a well-managed estate may be lost. Managing the best interests of the estate doesn't mean you have to do it alone.
Throughout the entire process, I am here to assit you, offering consistent and high-quality communicaiton and taking actions that lessen your overall workload. When it comes to your property, I can assist you with marketing it for sale maximizing the greatest value for the estate as well as connect you with top professionals for other services you may need such as maintenance, repair, appraisals or attorney recommendations. These professionals not only excel in their expertise but also bring compassion and care to their work.
I'm here to guide you, providing clarity on all your options, so you can confidently make the best decisions as a probate estate executor. When you're ready to discuss your specific real estate plans, please click the button below to schedule a call.
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