Estate Administration Act
What is the Estate Administration Act?The Estate Administration Act (EAA), also known as the independent Administration of Estate Act, is a set of laws that allow the personal representative to administer most of the assets of the deceased person’s estate without court supervision. The permission to administer the estate under the EAA is either given by the deceased through the will or by petitioning the court. This can be done when the probate process is started, but can also be done at any time during the probate court proceedings. An estate cannot go through the Estate administration Act if the deceased person’s will specifically prohibit this. The Experts have provided answers to the many complex questions regarding the Estate Administration Act.
Under the Estate Administration Act, can an executor gain letters of testamentary to close out bank accounts and sell security or claim life insurance proceeds?Under the Estate Administration Act, the executor can use the letters of testamentary to close all bank accounts, security holdings, and even cash in life insurance without the court interfering with the process. The executor can also use funds from the estate to pay the estate claims and then distribute the remaining assets to the beneficiaries as the will states for them to do.
In the state of Washington, would the next of kin sibling need a lawyer to gain the executor of the deceased sibling’s estate?In the state of Washington, the deceased sibling’s estate will be distributed through the instate succession if the sibling did not leave a will. The surviving individual would have to go through the probate court process and qualify to be the executor of the estate. The person may want to consider consulting an attorney if the surviving sibling wants to transfer the property out of the state of Washington. If the individual gains the executor of the estate, then the individual will be able to use Estate Administration Act to distribute the assets of the estate.
If a child is the administrator of a parents estate and the letters of administration have expired, do they have to renew the letter of administration before they go into housing court in the state of New York?In the state of New York, the child would need to get a renewed letter of administration before they go into to housing court. Just like a driver’s license, a person does not have any authority over the parent’s estate until the letters of administration is renewed.
According to the Estate Administration Act, can the executor of the estate charge for doing things that are not stated in the will?The person would want to seek the help of an attorney to go to court over this. In most cases the executor is not allowed to distribute assets in any way other than what the will says to do with the assets. The executor has the fiduciary duty to make sure that the will is followed and if they do not follow the will, then the beneficiaries need to take it to court to make sure that the executor is replaced by someone that will follow the will.
The Estate Administration Act helps beneficiaries and executors of an estate distribute the assets of an estate in accordance with the will. When the beneficiaries has questions or the executor has questions regarding the rules or the laws regarding Estate Administration Act , then they would need to seek the insight of an Expert.