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Your loved one has passed away. The Last Will and Testament appoints you as the Executor/Executrix of the Decedent’s estate. Now what?

By: Laura C. Manfreda

Handling a person’s estate can be a complicated task. Here are a few tips and suggestions for maneuvering through the administration of an estate.

1. Read the Will. First and foremost, obtain the original Will and read it thoroughly. If you are willing to be appointed the personal representative of the estate then you have the task of carrying out the decedent’s final wishes as stated in the Will. It is also important that you note whether the Will mentions a bond requirement.
2. Gather Information. With the help of the decedent’s family members and friends, collect all information and documents identifying the decedent’s assets and real estate and their respective values. This includes vehicles, money, bank accounts, stocks, jewelry, real estate and other items mentioned in the Will. Additionally, identify and notify any and all creditors of the estate, including all individuals and businesses to which the decedent owed money to prior to death as well as those individuals and businesses owed money as a result of the decedent’s death.
3. Open the Estate. In order to open an estate, the person who seeks to qualify as personal representative is required to complete an Application for Probate and Letters, which lists all of the decedent’s assets and their values as of the date of the Decedent’s death. You should also provide information on the Application with regard to all persons and organizations entitled to a share of the estate. Initially, an Application for Letters Testamentary along with an Oath form, the original Will, paid funeral bill and the decedent’s death certificate should be filed with the Clerk of Superior Court, Estates Division, in the county in which the Decedent resided. There is also a fee for opening an estate which is to be paid to the Clerk of Superior Court. Once the decedent’s estate is open, you will receive “Letters Testamentary,” which authorizes the personal representative to handle the estate.
4. Identify and Publish Notice to Creditors. Once you receive Letters Testamentary, you must advertise for creditors’ claims against the estate. The advertisement should be published in a newspaper which publishes legal advertisements in the county where the estate is being administered. The advertisement should be published once a week for four consecutive weeks and include a specific date in which claims must be filed, along with a name and address of where to file claims against the estate. Keep in mind that the time for creditors to file claims against the estate must be at least three months from the date of first publication or the posting of the notice. Once notice to creditors has been published for the requisite period of time, you must file with the Clerk of Superior Court the notice to creditors, an affidavit from the newspaper attesting that the notice was published, and an affidavit from you, the personal representative, attesting that you have mailed or delivered the notice. If the creditor does not make a claim against the estate by the date specified in the notice, the creditor will be barred from making a claim and receiving payment from the estate. Once the date has passed for creditors to make claims against the estate and you are aware of all outstanding debts, be sure to pay the decedent’s debts in a timely manner. 
5. File an Inventory and Accountings with the Clerk of Superior Court. Within three months from the date of qualification, the personal representative must file an inventory of the estate, which includes accurate descriptions and values of the real and personal property of the estate as of the date of the decedent’s death. Make sure you have documentation which reflects the values assigned to each of the assets in the estate. Thereafter, an annual accounting should be filed with the Clerk of Superior Court no later than one year from the date in which you were qualified to serve as the personal representative of the estate. The accounting should reflect all activity, including receipts, disbursements and distributions, made to and from the estate.
6. Distribute the remainder of the Estate pursuant to the Will. After paying all costs associated with administration of the estate, the personal representative must distribute the assets of the estate pursuant to the instructions in the Will.
7. Final Tip. Be patient. The administration of an estate can be a difficult task depending upon the number of assets involved in the estate. The administration of an estate can take three months or several years. Of course, there are other sticky issues that may pertain to the estate and it may be in your best interest to consult an attorney knowledgeable in wills and estates.

Laura C. Manfreda is an attorney with Knox, Brotherton, Knox and Godfrey. The firm’s website is www.knoxlawcenter.com. Opening soon is the newest office in Denver located at Hwy 16/73- Waterside Crossing. She can be reached at 704-315-2363 or 866-704-9059 (Toll free) or at lmanfreda@knoxlawcenter.com.