Post Mortem Estate Administration
Programs that are responsible for the management and disposition of an individual's assets according to state law when that individual has died intestate, or according to the terms and conditions of the will when the individual has neglected to name an executor. Arrangements for estate administration may also be made as a part of the will (if beneficiaries are unable or unwilling to manage family assets) or by the beneficiaries themselves if they wish to dispose of a piece of property or make arrangements for the management of a business. Estate administration involves inventorying the decedent's assets, notifying creditors, paying federal and state income taxes and estate taxes, making specific bequests per the terms of the will or trusts and distributing the remaining assets to beneficiaries.
Taxonomy Code: FT-2700.6500