Give example and explain administration of deceased estate

Answer 1

The administration of the estate of a deceased person is the process through which, in most cases, a probate court oversees the transfer of assets owned by the deceased party to his/her legal heirs or beneficiaries under a will. Most state statutes governing probate refer to the deceased person as the "decedent." If the decedent executed a valid will prior to his/her death, typically the original will must be filed with the clerk of the court in the county in which the decedent permanently resided at the time of death. If the decedent named someone to serve as the executor under the will and that person is willing and able to serve as the executor, then that person will petition the probate court to admit and enforce the will. For example, if Mr. Smith dies with a will that names Tom Jones as the executor and the will instructs that all Mr. Smith's property should be split between his two children Dick and Jane, then Tom Jones will take the steps necessary to pay any debts Mr. Smith owed at his death and then transfer whatever money and property is left 50% to Dick and 50% to Jane. If Mr. Smith did not have a will, then a close family member has to file a petition to be appointed as the administrator of the estate. The administrator then must determine what assets and liabilities the decedent had at death and the extent to which the decedent has descendants or other legal heirs to whom any property should be distributed after the administrator pays the legitimate debts of the decedent's estate. This is a very basic description and the potential variations and complications that could arise would take volumes to address, but this is the fundamental structure of administration of a decedent's estate.