Depending on the complexity of the estate and the thoroughness with which accounting has been carried out before death, Estate Administration can either be a relatively simple task or a daunting one. Be aware that no matter the situation, Estate Administration may be a lengthy process often taking months or possibly years to play out, and one which may take a considerable amount of an executor’s time.
To summarize the process, Estate Administration can be broken into six basic steps:
- Validation of the Will
- Appoint executor
- Inventory estate
- Pay claims against the estate
- Pay estate taxes
- Distribute remaining assets
Each of these steps involve legal documentation and validation, and more importantly, proper accounting each step of the way.