After a death, those left behind are tasked with the responsibility of dealing with one’s estate. This means distributing assets according to the terms of a will, as well as addressing remaining debt. The estate administration process includes the payment of certain types of balances and settling any remaining claims against the decedent’s Tennessee estate. Those involved with this process will benefit from knowing what to expect.
What does the executor do?
An executor is the individual responsible for overseeing the process of settling the estate. This can be an immense undertaking, and it is prudent to understand the requirements before moving forward. Before assets can be distributed, outstanding claims on the estate must be addressed. To do this, the executor will oversee the following:
- Create an inventory of all remaining debts associated with the estate.
- Assess the validity of these debts.
- Fulfill payment obligations to close all accounts.
The exact way that claims are handled depends on the type of debt, whether the estate is insolvent and other factors. Certain types of claims will have priority over others.
Navigate the estate administration process
The estate administration process can be difficult and confusing. Someone tasked with the responsibility of dealing with estate debts and other details may benefit from the experienced guidance of an estate law attorney. This assistance can provide important insight on how to navigate complex issues that may arise, how to pay off debts associated with the Tennessee estate and meet other requirements in order to resolve outstanding matters and close the estate.