It can be a difficult and emotional process to settle the estate of a deceased loved one. The estate administration process involves critical legal steps and financial requirements that must be complete in order to distribute assets to heirs and close a Tennessee estate. It is helpful to know what to expect from the estate administration process before moving forward with this complex task.
Know what to expect
Estate administration involves locating the will, validating the will, valuing estate assets, paying any outstanding debts and much more. The executor of the estate is the individual tasked with overseeing this process, and this person is either named specifically in the will or is appointed by the court. Specific responsibilities the executor of the estate will have include:
- File the appropriate documents with the probate court
- Notify all heirs and beneficiaries
- Manage estate assets during probate
- Act in the best interests of estate heirs and beneficiaries
- Take inventory of estate assets
- Pay outstanding debts associated with the estate, including taxes
- Distribute estate assets according to the will
This is a serious and often overwhelming responsibility, and the executor will benefit from having knowledgeable legal guidance at every step.
Avoiding problems during this process
Missteps and issues during the estate administration process can cost time and money. A Tennessee executor will benefit from understanding how to effectively navigate this process with minimal complications and problems. It is helpful to have the knowledgeable guidance of an experienced attorney who can provide assistance to the executor at every step.
