Estate administration is managing and distributing a deceased person’s assets and financial affairs. It involves tasks such as valuing assets, paying debts and taxes, and distributing the remaining estate to beneficiaries. This process can be complex and may require the involvement of legal professionals and probate court.

Trust administration refers to managing and carrying out the terms of a trust after the grantor’s death. This involves tasks like valuing assets, distributing them to beneficiaries, and fulfilling fiduciary duties. Typically overseen by a trustee, trust administration is guided by the trust document and relevant laws.

The duration of estate administration can vary widely, taking anywhere from several months to a year or longer. Factors such as the complexity of the estate and any disputes can affect the timeline. Seeking guidance from legal professionals familiar with estate administration is recommended for a more accurate estimate based on individual circumstances.

The costs of estate administration can vary depending on various factors such as the complexity of the estate and the specific services required. Some common expenses include court fees, attorney fees, executor fees, appraisal fees, and transfer taxes. In some cases, probate lawyer fees may be based on a percentage of the estate’s value. It is advisable to consult with legal professionals to understand the specific costs associated with estate administration in your jurisdiction.

The documents needed for estate administration include the death certificate, will, letters testamentary/letters of administration, inventory of assets and liabilities, financial statements, insurance policies, and tax returns. These documents are essential for managing and distributing the deceased person’s assets and settling any outstanding debts or taxes. It is advisable to consult with legal professionals to ensure all necessary documents are gathered and properly filed during the estate administration process.