Dealing with the death of a family member or friend is never easy. It can become even more difficult if you are responsible for managing the decedent’s affairs or estate. Some of the tasks involved in that process are discussed below.
What is the Difference Between an Administrator and an Executor?
An administrator is a person who has been appointed by a probate court to manage a deceased person’s estate. This can happen when the deceased left no will or when the person nominated in the deceased’s will is unable or declines to serve.
An executor fulfills the same role as an administrator; the only difference is how they are appointed. If you are an executor, you were nominated to serve in the decedent’s will and appointed by a probate court.
Administrators and executors are commonly referred to as personal representatives.
You do not need a background in law or finance to be the personal representative of an estate, but you must be honest, diligent, and impartial as you conduct your fiduciary duties.
What Should I Do First?
If there is a will, you must file it with the probate court and determine whether the estate must be probated. In Georgia, estates that fall below the “small estate” threshold can avoid probate if the heirs agree as to how the assets will be divided.
If probate is required, the named executor or another person interested in the estate can petition the probate court to admit the will to probate or, if there is no will, to appoint an estate administrator. Unless all the heirs consent to the petition, the probate court will notify the heirs that a petition has been filed and allow them time to object. If no objection is filed, the probate court will admit the will to probate and appoint a personal representative after confirming that all the requisite formalities have been met.
It is important to note that the probate process can last for months or years. The administrator or executor may have to sell assets to pay creditors or wind down a business owned by the decedent. The time required to complete an estate administration usually depends on the size and complexity of the estate.
Gather Assets
Once appointed, a personal representative must gather the assets of the estate. Many estate assets may be identified in the will (if there is one). Others will have to be located by reviewing the decedent’s financial records. Once assets are located, the personal administrator must take possession of them.
Pay Bills and Debts
The personal representative must pay the deceased’s debts and the expenses of administration (including attorneys’ fees, if any, and the personal representative’s fees). If the estate does not have enough cash to pay these expenses, other assets may have to be sold to generate the funds necessary.
Distribute Assets
After all debts, taxes, and administrative expenses been paid, assets may be distributed to the heirs and beneficiaries, either as set forth in the will or, if there is no will, as provided by statute.
Close the Estate
After all assets have been distributed, the personal representative can petition the probate court to release them from office and liability and close the estate.
If you encounter any dispute or conflict between inheritors or beneficiaries, reach out to the experienced legal team at Gaslowitz Frankel. We’ve been successful litigating trust and estate disputes for decades. Contact us for a consultation.
