Estate Administration and Probate 101: The Basics

The administration and probate of an estate can be complicated with a multitude of items to consider by attorneys such as settling assets and debts, valuation issues, and handling challenges from creditors and beneficiaries. Attorneys must understand the estate administration and probate processes and nuances in applicable federal and state law in order to handle the administration and probate of an estate.

Generally, the administration and probate of an estate after an individual's death requires the fiduciary to address certain issues and follow specific procedures to distribute the decedent's assets. This process can involve complications stemming from the marshaling, valuation, sale, and distribution of assets which may result in claims from beneficiaries and creditors. Estate counsel must understand a variety of legal and procedural challenges to properly account for any potential issues in estate administration and probate and avoid liability for fiduciaries and beneficiaries.

Listen as our panel discusses the steps in the estate administration and probate process, creditor notices, taking inventory of assets, asset valuations, distributions, and other critical items that must be considered.