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The role of an estate administrator

Some Florida residents may not hesitate if they are asked to be the executor of a loved one’s estate. Yet many people may not realize what this position entails. Serving as an estate administrator can sometimes be a lengthy process, with many financial duties to be overseen. As such, this is a role to be taken seriously.

 An estate administrator is a person close to the deceased, such as a family member or friend, who serves as a legal representative. According to the Internal Revenue Service, one of the estate administrator’s duties is to make sure that all taxes have been filed. This includes income tax returns for both the estate and the deceased. Records that the deceased kept usually supply much of the information needed for this task, but administrators may also need to contact the IRS to secure the estate’s tax identification number. Other taxes, such as an estate tax return, may be necessary in order for heirs to receive their inheritance. Besides these financial duties, an estate administrator also looks over any debt an estate may hold, as well as ensures that the beneficiaries receive their part of the estate.

Serving as an estate administrator includes tasks other than financial ones. AARP says that the home of the deceased usually needs to be in put in order. This includes tracking down important documents and accounting for all personal belongings. The administrator also keeps the family members updated on the process, as settling an estate can sometimes take up to a year or more.

Settling an estate may involve travel if an administrator lives in a different area. While some tasks may be completed over the phone and some paperwork may be faxed to the relevant office, other duties may require trips to the deceased’s hometown for in-person meetings with lawyers. After the estate has been settled, administrators may sometimes receive compensation for their work.

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