These four tips are essentially the four duties an Executor or Personal Representative has to carry out to properly administer an estate. Estate administration is necessary whether a person dies with a will or with a trust. They are as follows:
1. Present the will
2. Gather, identify and value the assets
3. Identify and pay the creditors
4. Distribute the remaining assets to beneficiaries
There is a general misconception that if a person has a trust and avoids probate then they also avoid administration. Nothing could be further from the trust. All estate require administration. The big difference is whether the administration is public (probate) or private (trust administration). Both have their pros and cons. One benefit of probate is the ability to significantly shorten the creditor claim period.
Four Tips for the Executor Of an Estate | Fox Business
