After all the assets have been gathered, the estate’s creditors have been paid, and taxes have been filed, the Executor or Administrator can begin to make distributions. If there was a Will, the Executor will make the distributions according to the Will. The Executor should start with specific gifts and then make all distributions of the residuary estate, which means all the remaining assets. If, after making all the specific gifts, there is no money left then the residuary beneficiaries receive nothing. If there is no Will, the Administrator will make distributions to the heirs of the estate under the law.
Personal Property should be distributed according to the Will or in the case of an Intestate Estate to the heirs of the estate. If the beneficiaries or heirs do not wish to take some or all of the personal property, the remaining personal property should be sold if possible, or donated. Sometimes an estate sale is needed to clear out the decedent’s home of any remaining personal effects not wanted by family and friends. If the decedent owned unique artwork, antiques, boats, airplanes, business interests, or other assets, a valuation may be needed. Companies like Sotheby’s can help with valuation and auction of unique assets. Any real property that is not being left to specific individuals or organizations, should be put on the market and sold. If real property is being given directly to individuals, an Executor’s deed or Administrator’s deed should to be prepared and executed to transfer the property.
Stocks and investments may be liquidated, or they may be directly distributed if the beneficiary prefers to own the stock. In the age of computers and crypto-currency, digital asserts can also hold unique valuations and challenges when distributing the estate’s assets. If the estate holds more unique assets, other specialty organizations may be needed to assist with valuation and transfer of the assets.
Once all distributions are made and the estate account is closed, the Executor or Administrator can file the Petition for Discharge of Personal Representative. The next article will discuss the final petition and order that officially closes the estate.
At Grissom Law, we work with clients as they go through the probate process. Call us at 678.781.9230 to schedule an appointment to discuss how we can assist you.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site, you understand that there is no attorney-client relationship between you and Grissom Law, LLC.