The Emergence of Estate Administration Services
Estate administration and settlement consists of many tasks and responsibilities. There are many hours of work, probate, or no probate, involved in settling an estate, much of it new to an estate’s personal representative, or executor. Because so much is unfamiliar, it can be overwhelming to take on. Many personal representatives worry about making mistakes, and they spend what little free time they have researching to understand this new landscape.
An emerging business type seeks to help a personal representative, or executor, as they navigate these tasks and duties related to estate settlement. A nascent field, they go by various labels, After-Loss Services, Estate Settlement Services, Estate Concierge, etc. We refer to them generically as Estate Administration Services.
“We see Estate Administration Specialists as a sort of sherpa in the estate administration process. Like a sherpa, our specialist has been down this road with many clients and knows what to expect ahead, and how to manage it, as well as how to avoid pitfalls.”
– Aimee Wood, Founder, Executor Support, Inc., Houston, TX
These companies may be hired to work on a full or partial scope of an estate. Probate, bookkeeping, liquidation, cleanout, are a few of the areas an Estate Administration Services provider can assist with. Some may be available to coach with the process virtually. As an emerging field there is a wide scope of models and disparate capacities.
They are not attorneys and cannot offer legal advice or services.
Estate Administration Services may or may not include fiduciary services. For this article, we will focus on those that do not.
The Executor Learning Curve
The learning curve that every representative experiences as they carry out their duties is one of the main difficulties of the job. What is common to most executors, or personal representatives, is that they are probably novices to the work involved. It is likely that they have never handled probate before, never needed an appraisal before, perhaps never sold personal or real property before. It’s difficult to do anything for the first time, let alone settle the entirety of a loved one’s life.
“But we have an estate attorney.”
One of the realizations of many personal representatives is that most of the estate work falls on your shoulders. The Estate Attorney is not going to do everything, nor do you want them to at $300/hr.
Attorneys are instrumental in probate. They bring their expertise in law and experience with the court system to probate the estate. But that does not necessarily make them experts in the myriad activities of closing an estate, such as transferring funds from a brokerage account to estate accounts or knowing the best way to sell a vehicle with a missing title. Tasks like vetting potential contractors, reaching an agreement on terms, ensuring performance, and managing settlement when you are new to any business can be a disadvantage. These are primarily management or administrative tasks in nature and are suited for Estate Administration Specialists who frequently work on tasks like these.
Estate Administration Services
As independent businesses in a new field, estate administration services providers are varied in their offerings and capabilities. There is no standard fee structure or model. Every provider may approach pricing and offerings differently.
Many providers tailor fees according to the scope of the estate. This will require some discovery discussion between the estate and the provider. Providers may offer a consulting or advisory service, where reps will be able to take advantage of their knowledge and coaching, but you’ll be doing the work. Often this can be done virtually. Some providers take on tasks that would ordinarily fall to the personal representative, such as making phone calls to initiate the process of closing accounts, cancelling subscriptions, and mailing or dropping off necessary paperwork.
Perhaps the most valuable benefit of hiring an estate administration specialist is their ability to “project manage” the work by helping clients organize and prioritize to work through the tasks of estate administration. Their experience with estate administration combined with their local familiarity usually results in a smoother and quicker resolution to the process than going at it alone. Additionally, they allow their clients time and space to grieve by finding the answers to their questions about any number of unusual or challenging situations, from property in multiple states to navigating fraudulent activity. For ancillary estates – those where the executor/personal representative and beneficiaries are not local to the estate, the benefits of Estate Administration Specialists are obvious.
Problem solving and resourcefulness are key to estate administration. On common estate tasks such as cleanout, liquidation, appraisal, bookkeeping, etc. Estate Administration Service Professionals often have professionals that they work with regularly. There is benefit, as their contractors likely have worked with them before, and want to work with them again, so performance matters. Estates, however, are not likely repeat customers.
Accountants, Attorneys, and Realtors are often required in the execution of an estate. These types of professionals may be better suited engaging directly with the estate, and an Estate Administration Service Professional’s referral likely carries similar reputation dynamics and accountability.
P.A.L.S. (Professionals of After Loss Services)
An organization founded by three Estate Administration Services Specialists, or “After-Loss Specialists”, is seeking to provide a structure to this specialization. P.A.L.S. (Professionals of After Loss Services) per their website, “provides training to acquire the knowledge, best practices and skill required to help clients who have experienced a loss, manage administrative tasks.” United by the common goal of easing the burden on families during their time of loss, P.A.L.S. seeks to advance and raise the profile of the profession with training and a professional code of ethics.
“This work is too important to let competition get in the way,” PALS co-founder Jasmine Hathaway says,
“That’s why we formed PALS: to bring together people working to solve problems for families after a loss. We have a collaborative, encouraging membership that supports professionals in the work of estate administration support, and a course that gives people the tools they need to start doing this work in their own community.”
Conclusion
The mission of any personal representative is to marshal the estate through probate if needed and to move the estate forward towards completion. An estate administration services specialist may help them do just that.
Acknowledgements
Thank you to P.A.L.S. (Professionals of After Loss Services) and Executor Support, Inc. for their help in drafting this article.
Executor Support
Executor Support was founded based on the founders’ experiences balancing careers, family, grief, and the demanding responsibilities of estate administration. The organization provides relief to clients by offering guidance and hands-on support throughout the process. Regular meetings are held with clients to prioritize tasks, identify challenges, and develop solutions. The primary goal is to settle the estate efficiently and as quickly as possible for the benefit of the executor and beneficiaries.
P.A.L.S.
PALS, founded in 2021, is a community for after-loss professionals dedicated to establishing industry standards, fostering connections, and raising awareness. It aims to create a supportive network, define the profession, and connect related products and services. PALS advances the field by setting ethical best practices, providing education, enhancing business opportunities, supporting industry research, and increasing public awareness.