When someone passes away, their assets need to be evaluated and managed. The estate administrator gathers the entire estate of a deceased person and makes sure that all debts are paid before distributing the assets. Anyone trying to get an estate transferred to their name must know how estate administrations work, or things will be quite complicated for them.
All things owned by a deceased person are managed by the state until transferred to someone else. In several states, probate proceedings must be held before dealing with the estate. The state manages the estate during this time to make sure that there are no losses due to lack of management. The state names an executor to manage the property while proceedings take place. An executor is a person who takes care of the estate of a deceased person before it is transferred to the descendants. The executor might be a person or a company as specified by the will of the deceased person. In case it was not mentioned in the will, the estate administrator has the right to appoint someone as the executor. In most cases, a spouse or close family member is chosen as the executor.
The executor manages the deceased person's assets and pays off any debts from the estate. In some cases, a court's approval is required to discuss the situation with creditors and pay them off. Once all creditors have been paid off, the remaining assets must be distributed by the executor according to the will. In case no will is available, the assets are distributed by the executor according to state laws.
If your loved one has recently passed away, you might want to consider discussing the situation with an attorney. An experienced attorney will help you manage the situation and try to get the will of your loved one implemented as soon as possible.