What Does it Mean to be the Administrator of an Estate?
If a probate court has appointed you to be the administrator of an estate, you will be responsible for ensuring that a deceased person’s possessions and assets are overseen until they can be distributed to the appropriate people. These are the same duties that an executor of an estate would handle. However, instead of being appointed by the courts (like an administrator), the executor is specifically named in a will or trust. In Colorado, the term used for both of these is a Personal Representative.
Duties of an Estate Administrator
Think about all of the responsibilities you have in your own life: paying rent/mortgage, paying bills, maintaining your home (mowing/watering the lawn, home repairs, cleaning, etc.) collecting mail, filing taxes, and much more. After you pass away, someone has to assume all of these duties on your behalf. That’s what the administrator will do – and much more.
- Ensure the estate moves swiftly through the probate process
- Maintain property of the deceased
- Pay all outstanding bills, debts, taxes, etc.
- Move bank accounts into a new estate account
- Notify Social Security of the death
- Collect on life insurance policies
- Notify the beneficiaries, heirs and creditors of the person’s passing
- Settle creditor claims
- Sell property or stocks if necessary
- Handle all taxation issues associated with the estate
- Distribute assets to the beneficiaries after all debts and taxes are paid
Administrator Duties Can Be Overwhelming!
If you are named an administrator and do not feel capable of taking on this role in addition to the duties of your own life, you can hire a probate lawyer to assist you with these duties. Typically, the administrator’s legal fees are paid with assets of the estate. The Denver probate lawyers at The Brown Law Firm, LLC can help you understand your role and help get the paperwork and legal formalities underway. Since there are so many moving parts involved in settling an estate, hiring a knowledgeable legal team is often well worth the investment: it will save time, reduce frustrations and can even end up saving money in the long run.
Contact The Brown Law Firm, LLC at (303) 339-3750 or send us a message online to learn more about how we can help.