Estate Administration is the process by which the deceased’s assets are gathered, debts and taxes are paid, claims against the estate are settled, and the property is transferred to named beneficiaries or heirs-at-law. This process addresses both probate assets and non-probate assets. Probate assets are those assets that the deceased owned individually without a designated beneficiary or owned individually with the estate named as the designated beneficiary.
The transfer of probate assets is supervised by the probate court whether the deceased died with a will (testate) or died without a will (intestate). Non-probate assets are those assets that do not require probate court supervision and include jointly owned property, trust assets, and contractual assets such as life insurance, annuities and retirement plans if the designated beneficiary is other than the estate. The estate administration process also includes ensuring that the deceased’s estate is in compliance with federal and state tax laws.
At Flood, Sheehan & Tobin, we handle all stages of the estate administration process including: