Estate Administration

The legal process of managing and distributing a deceased person's assets and debts is known as estate administration. Depending on whether there is a valid will, the person assigned to oversee this process is known as the executor or administrator. The executor's duties include locating and gathering assets, paying bills and taxes, and distributing leftover assets to recipients.

While some people may explore doing estate administration on their own, it is critical to understand the potential problems and complications involved in this process.

When can One Manage their Estate on their Own?

Here are several instances in which handling estate administration without the assistance of a lawyer may be possible:

• Simple and Modest Estates: If the estate is modest and straightforward, with few assets, debts, and beneficiaries, it may be easy to handle the administration process without the assistance of a lawyer. This is usually the case when the estate is worth less than the probate threshold or contains only a few simple assets, such as a single property or bank account.
• Clear and Valid Will: If the deceased left behind a clear and valid will that is easy to comprehend, and all beneficiaries agree, the administration procedure may be simpler. However, it is still critical to verify that legal requirements are met and that assets are distributed in accordance with the will.
• Understanding of Legal Procedures: Individuals having a legal background or past experience with estate administration may have a better understanding of the necessary procedures, documents, and timeframes. In such instances, people may feel comfortable administering the estate administration procedure on their own.
• Adequate Time and Resources: Estate administration can be time-consuming, involving responsibilities such as document gathering, contacting financial institutions, paying bills, and distributing assets. If the executor or administrator has the time, organizational skills, and access to resources to efficiently carry out these obligations, they may contemplate handling estate administration on their own.

However, it is advised that to avoid complexities, disputes with other beneficiaries and or to save time and effort one such seeks assistance from an attorney. Estate administration is a crucial and multi-step procedure including varied financial and legal obligations.