As readers of this California estate planning and administration blog may know, it is important that all adults have a basic estate plan in place so that their wealth and interests are protected in the event of their unexpected deaths. Preparing for one’s demise is understandably unpleasant but leaving the distribution of one’s wealth and assets up to the state may be more damaging to their interests.
One of the most important decisions that a person may make when preparing their estate planning documents is selecting their estate administrator. Estate administrators are identified in wills and can be adults who the person knows and trusts. It is important that people discuss their desire to name certain individuals as their estate administrators with them so that those individuals are prepared for the role they will be asked to assume.
An estate administrator is responsible for many tasks. They must identify and find assets that were owned by the decedent and they must track down beneficiaries, creditors, and other interested parties. They must ensure that the decedent’s will is filed with the probate court, and they must manage the financial affairs of closing the decedent’s accounts. Their duties are far-reaching and important and should not be given to individuals who are not prepared to take them seriously.
Estate administrators are important to ensuring that estate plans are followed. Choosing an estate administrator is an important decision. An estate planning attorney can help a person decide just what type of person should serve in this important role.