An administered estate refers to the assets and liabilities of a deceased person that are managed by an executor or administrator. This process involves settling the decedent's debts and paying any necessary administration expenses. After these obligations are met, the remaining assets are distributed to the rightful heirs or beneficiaries according to the decedent's will or state law.
The term "administered estate" is commonly used in probate law, which governs the process of managing a deceased person's estate. Executors or administrators are appointed to oversee the administration, ensuring that debts are paid and assets are distributed properly. This process may involve various legal forms and procedures that individuals can manage themselves using resources like US Legal Forms, which provides templates drafted by experienced attorneys.
Here are a couple of examples of abatement:
(hypothetical example) John passed away, leaving behind a house, a car, and some debts. His sister was appointed as the administrator of his estate. She used the estate's assets to pay off John's debts and then distributed the remaining assets, including the house and car, to John's children as specified in his will.
Examples of state differences (not exhaustive):
| State | Probate Process Length | Executor's Fees |
|---|---|---|
| California | 6-12 months | Typically 4% of the estate value |
| Texas | 4-6 months | Typically 5% of the estate value |
| New York | 7-12 months | Varies, generally around 5% of the estate value |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Testate Estate | An estate where the decedent left a valid will. | Administered estates can be either testate or intestate. |
| Intestate Estate | An estate of a person who died without a will. | Intestate estates are administered according to state laws of succession. |
If you find yourself involved in an administered estate, it's important to understand your role"whether as an executor, administrator, or beneficiary. You may want to:
In complex situations, seeking professional legal assistance is advisable.
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The executor is responsible for managing the estate, paying debts, and distributing assets according to the will.