If you are an estate administrator or personal representative in Georgia, there are several critical tasks that you must carry out in order to fulfill your responsibilities effectively.
Here are three things that every estate administrator or executor must do:
- Obtain a court-appointed authority
Depending on the jurisdiction and the specifics of the estate, the estate administrator or executor may need to obtain court-appointed authority before they can take any actions on behalf of the estate. This typically involves filing a petition with the probate court and obtaining an appointment as the personal representative of the estate. - Inventory and manage the estate assets
Once you have the authority to act on behalf of the estate, you must identify and inventory all of the assets that make up the estate. This can include real property, personal property, financial accounts, and other assets. You will also be responsible for managing these assets, including making any necessary repairs or improvements, paying any bills, and collecting any income that is owed to the estate. - Distribute the estate assets
Once all of the estate’s debts and obligations have been paid, you will be responsible for distributing the remaining assets to the beneficiaries or heirs according to the terms of the will or the state’s laws of intestacy. This may involve selling assets, transferring ownership, and distributing funds. You will need to keep accurate records of all transactions and provide regular updates to the beneficiaries or heirs on the status of the estate.
These are three critical tasks that every estate administrator or executor must carry out, but there may be other requirements and responsibilities depending on the specific circumstances of the estate. It is important to consult with a qualified attorney or financial advisor to ensure that you are fulfilling your obligations correctly and effectively.