Formal Probate Administration
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A formal administration may be required, depending on the value of the estate, the length of time that the decedent has been dead or whether a Personal Representative is needed. In a formal administration, a Personal Representative must be appointed by the Court; a Will, if there is a valid Will, must be presented and admitted to probate with the Court (or a determination of intestate beneficiaries must be made), assets must be marshalled, creditors’ claims must be resolved, debts, taxes and costs of administration must be paid, and the assets must be transferred to the rightful heirs/beneficiaries. Only then is the Personal Representative permitted to fully close the estate.