When a person passes away their estate is a matter of importance that must be properly managed. An estate consists of a person’s property, assets, and any valuables. An estate has to be properly managed and matters such as taxes, fees, outstanding debts, and the proper distribution of assets to any heirs are of utmost importance. Such important matters are managed by the executor or the estate administrator.
How Executors Are Assigned
An executor can be assigned in a variety of ways. An executor might be named in the deceased’s will or trust, or can be the attorney of the deceased if they were assigned executor duties, or could be appointed by the probate court if the deceased passed away without a will. In some cases, it is advisable to hire a professional estate administrator.
Reasons to Hire a Professional Estate Administrator
Make no mistake, professional administration in wills can be a very complex thing. If you’ve been selected to be an executor by a relative, you may not have the time or experience needed to properly handle an estate. An estate can be a very large undertaking. Depending on the complexity of the estate as it relates to various assets, proprieties, taxes, proper distribution of assets to heirs, and so forth, it can be quite challenging to properly close an estate. This is where hiring a professional can be the best course of action. Professional estate administrators have the experience and knowledge needed to close an estate, and they have first-hand experience with the overall process and legal requirements.
What to Look for In a Professional Estate Administrator
If you’ve decided that hiring a professional estate administrator is the best course of action, the next step is to narrow down your options. Hiring an administrator is not too dissimilar to hiring any other type of professional and, provided you ask the right questions, you will have no trouble finding a professional to properly manage your relative’s estate. Here are some of the questions to keep in mind:
- Ask about experience in settling estates in your state or general geographical area as local and state laws can differ.
- Be sure to review any qualifications such as a legal background or a background as a certified financial planner. Proper education and experience are key to properly managing an estate.
- Ask about fees and related expenses.
- Know what the process will look like and how often (and in what way) updates will be provided.
- Finally, ask about the work itself, as some estate administrators handle the work themselves while others use a team.
Once you find an estate manager who fits your criteria, you can rest easy knowing the estate will close correctly.