What is Involved in Settling an Estate?
First, a Notice of Petition to Administer Estate is filed with the court and the court appoints a Personal Representative (Executor / Executrix or Administrator / Administratix) to administer the Probate of the decedent’s estate. This process involves accounting for the assets, liabilities and taxes. The decedent’s property is said to be owned by the “estate” of the deceased person and must remain so until the judge or other court-appointed person says it may be distributed. It is often necessary to sell property to satisfy estate debts and close probate. The timing for the entire probate process will differ depending upon the size and complexity of the estate. The minimum time an estate will likely be open is probably from six months to a year, and is often open longer for medium to large estates.
