Some probate estates can be administered in one year or less, but may take longer. Probate is concerned with: Cataloging all property – Paying any debts, claims or taxes that are due – Collecting rights to any income (royalties, stock dividends, etc.) to which the deceased was entitled – Settling financial and property disputes – Liquidating property (real or personal) of the deceased -Distributing or transferring the remaining property to heirs.
A personal representative is appointed by the court to administer the decedent’s estate. A personal representative can have various names (executor, administrator, etc.), depending on the type of probate estate, but each personal representative has similar duties and responsibilities, which include managing the probate estate. Usually, in a will, the decedent names an “executor” to act as personal representative. If there is no will or the decedent failed to name an executor, the court will appoint a personal representative.