|
Twelve Months of Financial Milestones Working with Financial and Legal Advisors What Are the Steps in the Probate Process?
How Do I Pay the Bills Until the Estate Is Settled? What Does the Executor or Administrator Do? What Should I Do if I
Receive Assets From |
 |
SETTLING THE ESTATE
If your loved one was an adult (age 18 or 21, depending on the state) and did not leave a will, he or she is said to have died “intestate.” When someone dies intestate, the courts, not the person’s survivors, will determine how his or her property is to be divided, based on the laws of the state in which the person lived. For example, the law in many states is that half of the remaining estate (after paying taxes and debts) goes to the surviving spouse (if there are no children from a previous marriage) and the other half is divided among children and certain other relatives. If your loved one had children from a previous marriage or was divorced and hadn’t remarried, state laws will determine if and how much property is distributed to these survivors. If your loved one died intestate, you can request that the court appoint an administrator for his or her estate. An administrator generally does everything an executor does. However, the administrator is required to represent the estate according to state laws applicable when an individual dies without a will. Like executors, administrators can, and will, ask the court to be paid by the estate for their services. A family member may be willing to serve as administrator without charging a fee.
|
What Is the Probate Process if There Is No Will?
