Administration of an estate refers to the legal process of managing and distributing the assets and liabilities of a deceased individual, known as the decedent, in accordance with their will or the applicable laws of intestacy if there is no will. The process typically involves several steps, including identifying and valuing the decedent’s assets, paying off debts and taxes, and distributing the remaining assets to the heirs or beneficiaries. The individual responsible for overseeing the administration of the estate is often appointed by the court and is known as the executor or personal representative. The administration of an estate aims to ensure that the decedent’s final wishes are carried out and that their assets are distributed fairly and in accordance with the law.
The management and settlement of an estate left by a person who did lot leave a will or an executor of estate.
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the “personal representative” in either instance.
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This glossary post was last updated: 29th March 2024.
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