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estate
administration - page 3
What Is An Estate?
An estate consists of all the property, assets and
liabilities of a deceased. Handling an estate refers
to winding up all of the business of the deceased,
and dealing with all of the assets, proceeds, debts
and expenses. Narrowly, an “estate” may refer ONLY
to the specifically defined legal “probate estate.”
What is an Executor or Administrator?
An Executor is the person named in a Will and appointed
by the Register of Wills to be in charge of the probate
estate. In an estate in which there is no Will, or
when the individuals named in a Will as the Executors
cannot serve, the individual appointed is called an
“Administrator.”
What is probate?
Probate is a legal process of supervision of an estate
by the Register of Wills and the Judges of the probate
court. It requires paperwork and filings and may require
court proceedings and litigation.
What is the purpose of probate?
The underlying reason is for the probate court and judge to make sure that the proper debts have been paid and that what’s left will go to the people who are supposed to get it; and to resolve any arguments or disputes that arise.
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