Estate administration in Alabama is the act of dissolving the estate of a person who has passed away. This person, who is called the decedent, may have had no intentions of having his or her belongings dissolved. When estate owners create a plan, it needs to include an executor to execute their wishes. The executor is responsible for following the wishes of an estate owner. Meanwhile, this individual strives to ensure that assets go to those assigned to receive them.
Announcing your death
The initial stages in administering an estate require an executor to make a public notice of someone’s death. This process, which is also part of a probate hearing, is intended to notify anyone who may be entitled to the decedent’s assets. It helps if an executor is skilled in writing as he or she must communicate clearly when issuing public notices.
Valuing your estate’s portfolio
Though often left to the court, an executor who can assess the value of an estate’s possessions can make independent decisions. Your estate plan may not be perfect, but giving an executor leeway as he or she administers your property can correct any errors in preplanning. With finance being a key skill for the position, you’ll do well by choosing an executor with financial education.
Paying taxes and collecting insurance
Many people die with unpaid taxes or debt that the executor must account for. The taxes of an estate are requested upon someone dying, and collection efforts may be initiated if the debt has been overdue. Estate administration requires an executor to make sure that insurance annuities are paid as well. Since steps like selling land take time, an executor could be active indefinitely.
Estate administration in Alabama
Alabama works hard to make sure that the heirs of an estate receive their assets. The laws of estate administration guide and empower the executor. Whether appointed by you, an executor is someone who brings closure to your estate. You must look for someone with accurate math, verbal and literary skills. Once you die, the execution of your wishes is carried out by this person.