Close An Estate

If the executor does anything that would constitute a breach of the fiduciary duty, then beneficiaries may petition the probate court to remove the executor. Sometimes a will outlines grounds for the executor's dismissal. If the will is silent, the probate court will make the decision.

Notify all creditors. File tax returns and pay final taxes. File the final accounting with the probate court. Distribute remaining assets to beneficiaries. File a closing statement with the court.

The Executor's Final Act, Closing an Estate The personal representative, now without any estate funds to pay his lawyer, must respond. Even if the charges are baseless, the executor is stuck paying the legal bill. Instead, before making any distribution, the administrator should insist on receiving a release.

1) Petition the court to be the estate representative. 2) Notify heirs and creditors. 3) Change legal ownership of assets. 4) Pay Funeral Expenses, Taxes, Debts and Transfer assets to heirs.

All taxes and liabilities paid from the estate, including medical expenses, attorney fees, burial or cremation expenses, estate sale costs, appraisal expenses, and more. The executor should keep all receipts for any services or transactions needed to liquidate the assets of the deceased.

The Will must be filed with the probate court in the county where the decedent lived. A Petition for Probate must be filed with the probate court as well. This requests the appointment of an executor.

This four-month period must pass before the estate can be closed. Even under the best of circumstances, a simple estate will usually take at least six months to close.

Before distributing assets to beneficiaries, the executor must pay valid debts and expenses, subject to any exclusions provided under state probate laws.The executor must maintain receipts and related documents and provide a detailed accounting to estate beneficiaries.