When a person dies, a distribution of their estate takes place. The estate’s distribution is done through deeds depending on whether or not the deceased left a will. Two types of deeds are used to administer the estate of a deceased individual. Both usually need to be prepared by the individual responsible for the estate, be it an administrator or executor, and be officially worded. Also, for a deed to be legally binding, it has to be witnessed and legally notarized.
However, if a Will wasn’t completed or found invalid by a court, the Probate Court appoints an administrator of an estate. The administrator’s deed is a legal and binding document used to transfer property in the absence of a Will.
Once all the other responsibilities related to the intestate’s estate were fulfilled, and the estate administrator has knowledge about all the remaining assets of the estate, they have to prepare the administrator’s deed. Within this deed, they must explain why he/she decided to distribute the remaining assets in that way.
Before the whole process is finalized and the Administrator’s Deed releases and distributes the estate’s remaining assets, family members have no claim to it.
An estate administrator must be careful not to release any remaining property to the beneficiaries too soon. The remaining property should be used to cover any potential debts of the deceased. Assigned too soon or before the debts have been paid in full could incur contingencies or the need to come up with the money on short notice.