The Estate of a deceased person consists of all the real and personal property that the individual owned while they were alive. It is the entirety of everything that was in their name up until the day he/she died. Such assets include life insurance, jewelry, retirement accounts, cash, real estate, etc. In administering the estate of a deceased person, the first step is to determine whether the deceased wrote and filed a Last Will and Testament before they died.
If the deceased left a Will, that estate is said to be Testate. On the other hand, if a Will cannot be found and it is decided that the deceased did not leave a Will, the estate is Intestate. Regardless of whether or not there is a will, the estate will have to go into probate, which is the process through which the assets of the deceased are administered and distributed.
If the estate is Intestate, a personal representative will be appointed by the court to administer the estate. The personal representative will tally all the assets of the deceased and pay all debts, liens and applicable taxes accrued to the estate of the deceased. The assets are distributed to the deceased’s heirs according to Intestate Succession laws.
If the estate is Testate, the executor named in the Will should be appointed as personal representative. After which, the named beneficiary of (any of) the deceased’s asset(s), according to the Will, is assigned ownership of the stated asset(s).
In conclusion of the administering and distribution of an estate, the assets remaining after payment of debts, taxes, and administration costs will be distributed to the beneficiaries according to the deceased’s Will or the Intestate Succession Laws.