Your loved one has just passed away, and you’re ready to honor their memory and put their estate to rest. But as the administrator, your work is just beginning.
It takes about 16 months to settle an estate, on average. That time frame can depend on the complexity of the estate, but the administrator is usually around for the entire process. Regardless if the will named you executor or the probate courts of Cincinnati appointed you as an administrator, it’ll generally be on you to satisfy the requirements of the probate process.
Making final wishes come true
You’ll be responsible for a great many things:
- Clerical duties: You’ll likely need to oversee legal documents, notice delivery, asset appraisals and inventories, and most anything else that the estate needs to address.
- Debts: The responsibility of handling debts usually rests on your shoulders. You’ll probably manage paying outstanding debts to creditors and preparing final taxes and also receiving any amounts due to the estate.
- Heirs and beneficiaries: The will usually lays out beneficiaries that will get a share. If there isn’t a will or it has vague terms, you may also need to determine any entitled heirs. Once you’ve got a list together, you’ll generally need to notify any recipients of the passing within a specific timeframe.
- Distribution: Once you pay all outstanding debts and you’ve got a price tag on all the assets, it’s usually time to split the remainder among the beneficiaries. It’s likely on you to make sure everyone gets their share.
Honoring your loved one’s memory can be a process, but that process takes on a lot more responsibility when you’re named as the administrator of their estate. Understanding the process can be a significant step toward putting their estate to rest.