How do I know when it’s time to close a probate administration? After all the hard work that you have put into the administration of your loved one’s estate, you are eagerly looking forward to the time when you can close it. However, if you have never administered an estate before, you may not be aware as to when an estate can be closed. Fortunately, an experienced attorney can answer all of these important questions to ensure that you are fulfilling your duties properly.
Signs That It’s Time to Close an Estate
Certain indicators will tell you it may be time to close the administration of your loved one’s estate. For example, the following five signs may indicate that you can go ahead and close the probate:
- All estate taxes owed have been paid in full.
- All assets have been located and are under management by the personal representative.
- There are sufficient funds available within the estate to pay all of the remaining debts and taxes owed by the estate.
- The time period for creditors to come forward and file claims has expired.
- There are generally no outstanding tasks remaining for the estate administration, such as the sale of real estate in Orange County or the redeeming of bonds.
As the personal representative, it is important to take the final steps to close a probate administration. First, you must know when you are permitted to close it. Once you have determined that it is time to close the estate, the next step is to carry out the actual estate-closing process. We have helped countless personal representatives perform these tasks, and we would be happy to help you as well. We encourage you to view our client testimonials page today to learn more about our services.