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Jul/090
Jul/090
Probate Administration Oversees Settlement of Debts and Assets
After the death of a person his/her property has to be distributed among rightful claimants. For this an application for probate has to be filed. This in other words means to find out whether or not the dead person had a will at the time of death.
The procedure of probate also known as probate administration begins with the appointment of an administrator or executor who is in charge of:
- Securing and accounting assets and property owned by the decedent at death
- Finding out and clearing off all debts owed by the dead person
- Paying all outstanding income taxes. This includes death taxes
- Submit a final accounting to the probate court
- Overseeing the proper distribution of estate assets.
