DUTIES OF THE ESTATE ADMINISTRATOR
When Florida residents plan for their deaths, they are ensuring that their family will be taken care of in the future. Through the use of a variety of estate planning tools, people can make their final wishes known. They can plan to distribute assets and minimize tax implications. However, all they can do is plan. An estate administrator is needed to actually carry out the plans laid out in the estate plan.
An estate administrator has a variety of roles to take on. First and foremost, the estate administrator must manage the estate. This includes managing all of the estate's assets, determining what debt is owed and distributing assets according to the estate plan.
In particular, an estate administrator must go through a person's bank records, checkbook and other financial records to determine if the person had any recurring income. They must also determine if there are any creditors that have to be paid. The estate administrator will also be responsible for contacting credit card companies and medical professionals following the person's death.
Once the initial concerns have been dealt with, the estate administrator will be responsible for probating the estate. In other words, the person will have to start the legal process of settling the estate. In many cases this will also include filling all necessary tax documents, liquidating appropriate assets and making payments to beneficiaries. These are legal duties that must be fulfilled by the estate administrator.
When creating an estate people need to understand all the duties of an estate administer. By naming the right person, people can ensure that their wishes will be carried out. An attorney can help people understand the complexities of this issue and others relating to estate administration.
Please reach out to us at 141 5th Street NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.
Established in 1991, Rignanese & Associates is available to work with clients on their legal needs.
On behalf of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.
Source: Law Trends & News, “Administrator of a Probate Estate: Duties and Responsibilities,” Kenneth A. Vercammen, accessed November 24, 2014.