The administration of the estate can be completed either formally or informally. Under the formal method, the Personal Representative prepares and files with the court an accounting of his or her administration. Notice is given to all interested parties and they have the opportunity to appear before the court and object to the accounting. After the court issues its decree, the Personal Representative distributes the assets to the beneficiaries.
Under the informal method, the Personal Representative prepares a Family Settlement Agreement and informal accounting. Once all the beneficiaries and any other necessary parties have signed the agreement, the Personal Representative can distribute the assets and avoid the additional costs and delay of a formal accounting.
Frequently Asked Questions About Estate Administration
Why is estate administration important?
If you care about how your financial and personal assets are distributed after your death, then it’s very important for you to team up with an estate planning attorney. This process usually involves the creation of a legal document known as the Last Will and Testament, which provides instructions on how your estate will be distributed after you die. The Last Will and Testament includes things such as how your final bills will be paid and who will oversee the administration of your estate.
How do I prepare for estate administration?
We recommend that you create an estate plan while you still have the ability and capacity to do so. The attorneys at Yorkway Law Group can help walk you through the process.