Tag Archives: beneficiaries

What is an Estate?

An estate is what is left of an individual's name or control at the time of their death, including assets and debts. To hand out what is left in an estate to those who are entitled to it a person's estate is administered in a process called probate. You can visit http://www.lawbh.com/montecito-elder-law-attorney/ to know more about estate plan and their execution.

 It is during the probate process that the assets titled in the deceased's name are accounted for and transferred.

The reason of a last will and testament is to give commands as to how a person wishes for their estate and belongings to be distributed.

If a person dies without ever having a will or their will was proved is not legal, then the probate court distributes the estate according to that state's probate law.

During the probate process, a person is selected by the probate court to administer the estate. This person is often referred to as an executrix. This person can either be nominated in the deceased's will to handle their estate matters, or in the nonappearance of a will, the court can hire whom they deem appropriate.

It is the executor's duty to collect all essential information and documents so that the deceased's assets may be found, used to pay the remaining debts of the deceased, and the remainder of the assets distributed to the beneficiaries named in the will.