Estate administration involves the management of a person’s property who had died.
If the person had a trust, trust administration is required. That’s where a person has turned over property to another, the trustee, to manage for the benefit of a beneficiary.
Probate administration is usually required when a person has left assets, but has not created a trust. A probate administration action is required for the court to oversee the handling of property of a person who has died, whether or not the decedent left a will.
If you have been appointed to administer an estate, trust or probate matter, your relatives or associates probably have recognized your good faith, common sense and responsibility. But these qualities, though vital, are still not enough to navigate these complex areas of law. You will probably need professional guidance.
As an administrator of an estate, trustee of a trust or executor of a will in probate, you have a fiduciary responsibility to manage your area on a high ethical plane. You are forbidden to take advantage of your position for personal profit. You are to establish separate bank accounts and fulfill the legal requirements of trust accounting. Conflicts of interest are to be avoided. If you have been chosen to administer an estate, trust or probate matter, it is recommended that you contact a lawyer.
This is for information only and is not the providing of legal or tax services. If you have questions about estate administration, you should contact an attorney.
Harrison K. Long – Business Solutions and Advisory – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – CADRE 01410855 – ExploreProperties@gmail.com (email)
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