When someone passes away, their estate must go through a process of administration. This process involves distributing assets, paying debts, and following the deceased’s wishes. In Florida, the person responsible for managing this process is called the estate administrator.
It is helpful to understand what this role involves.
Managing the estate
The estate administrator takes control of the decedent’s assets. This includes locating property, bank accounts, and investments. The administrator must safeguard these assets until the court determines how to distribute or sell them. Often, the administrator opens a probate case and follows Florida’s legal procedures to manage the estate.
Paying debts and taxes
A key duty of the estate administrator is to pay any outstanding debts. These may include medical bills, credit card balances, and personal loans. The administrator also files tax returns and pays any estate taxes owed. If the estate lacks sufficient assets to cover all debts, the administrator may need to sell property, or creditors might settle for partial payments.
Distributing assets
After paying debts and taxes, the administrator distributes the remaining assets according to the will (if one exists) or Florida’s laws of intestate succession. If the decedent left no will, the administrator follows Florida’s laws to determine the heirs. This may include spouses, children, and other family members.
Closing the estate
To close the estate, the administrator submits a final accounting of assets, debts, and distributions to the court for approval. Once the court accepts the final documents, the estate officially closes.
Estate administrators in Florida hold significant responsibilities, ensuring that the estate is handled correctly in accordance with the law.