WHAT IS AN ESTATE ADMINISTRATION?
A probate administration is the process by which a person is appointed by a court with probate jurisdiction (power of a court to determine probate issues) to gather the assets of a person who has died (decedent), pay the creditors of that person, determine the beneficiaries or heirs and distribute any remaining assets to the proper persons. An executor is merely an administrator who is named in a will to manage the estate of the person whose estate is being managed.
An administration is “independent” when the administrator is free of all court supervision except for the initial hearing to establish the administration, and the requirement to file an inventory, appraisal, and list of claims (basically a list of probate assets) and to publish a notice of creditors. The initial hearing often takes less than ten minutes of testimony. When an administration is “dependent”, the administrator must receive approval from the court for authority to perform any act, including: sale of assets, pay debts and distribute assets.
The administrator is required to post a bond to protect the estate. The cost of the bond is payable from the estate after the estate is opened. The beneficiaries or heirs may unanimously consent to the waiver of the bond, otherwise, it is required. The beneficiaries or heirs may also unanimously consent to the administration being independent; otherwise, it must be dependent if no grant of independence was made via a will. Naturally, an independent administration is far cheaper and often much faster than a dependent administration. A person may choose to avoid dependent administration in his or her will.
This is only a quick overview of administration, for more information on estate administrations, contact attorney Charles Kennedy by email at firstname.lastname@example.org or call (817) 697-2507 today.
Let an experienced Elder Care attorney, help you with all of your life planning legal needs. Mr. Kennedy serves clients in Dallas, Fort Worth, Arlington, Mansfield, Grand Prairie, and all surrounding areas in Tarrant and Dallas Counties.
*The Information provided in this website by Arlington elder care attorney Charles Kennedy is meant to be general in nature, not as advice for the exact circumstances you may face.