Requirements are established by state and federal laws, which must be followed. Administration includes procedures and requirements relating to collecting of assets, satisfying of obligations such as debts, expenses and taxes, and distributing property to the heirs and beneficiaries. A personal representative is the individual charged with administration of an estate. If an individual has executed a will during his or her lifetime, the will should designate the personal representative, who is called an Executor. If the deceased person did not have a Will, an Administrator will be appointed to handle the estate.
Law establishes the individuals entitled to administer an estate.
An executor or administrator must obtain the necessary legal documents to enable him or her to act for the estate. At the beginning, all assets of the estate, including personal possessions and real estate, are inventoried and sometimes physically gathered. They are told that they were named in the will or have a legal right to receive an inheritance. Funeral expenses, debts, state and federal taxes are paid, and necessary tax returns are filed. At the conclusion of the administration period, a final accounting of all assets is presented for approval to the county court.