When it comes to estate administration, some people are unsure of which steps to take next after the death of a loved one. However, it is imperative for those who have the responsibility of managing an estate to ensure that the process is approached properly and that assets are distributed according to the wishes of the deceased. For people who are in this position in Hennepin, Minnesota, and throughout the country, it is crucial to review the ins and outs of probate and work towards a successful outcome.
The Internal Revenue Service published an overview of both the general responsibilities and tax responsibilities that estate administrators have. When someone is appointed the administrator of an estate, it is crucial for them to understand their duties, such as collecting the assets of the individual who passed away, paying creditors and distributing assets to heirs and beneficiaries. Estate administrators are required to provide an accounting of the deceased person’s debts and assets to probate court and there are also a number of tax forms they may have to file. For example, an estate administrator may have to file Form 1040, Form 1041 or Form 706.
The Minnesota Judicial Branch’s website is an excellent resource for those who would like to take a look at various legal forms and review helpful information on the probate process, such as the appointment of a special administrator. When an individual becomes the administrator of an estate, they have a very important responsibility and should do everything they can to ensure the proper distribution of assets.