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LSDefine
Simple English definitions for legal terms
closing of estate
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A quick definition of closing of estate:
Closing of Estate: When someone dies, they may leave behind property and assets that need to be distributed to their heirs. The process of distributing these assets is called the administration of the estate. Once all the assets have been distributed, taxes have been paid, and necessary accounts have been filed with the probate court, the estate is considered closed. This means that the process of handling the deceased person's property and assets is complete.
A more thorough explanation:
Definition: The closing of estate refers to the completion of the administration of a deceased person's estate. This is done by the administrator distributing the assets of the estate, paying taxes, and filing necessary accounts with the probate court.
Example: When John passed away, his estate was left to his wife and children. The administrator of the estate was responsible for paying off any debts and taxes owed by John, and then distributing the remaining assets to his heirs. Once this process was complete, the estate was considered closed.
Explanation: This example illustrates the process of closing an estate. The administrator must first settle any outstanding debts and taxes before distributing the remaining assets to the heirs. Once this is done, the estate is considered closed and the heirs can move on with their inheritance.