An administrator could be somebody the court appoints to manage the affairs of a company. An executor is a person designated by law to oversee the probate process after someone dies. Call for a free assessment of your needs (626) 385-6303. For more information on Duties Of An Administrator Or Executor, a free initial consultation is your next best step. Although the time and effort involved will vary with the size of the estate, even if you are the executor of a small estate you will have important duties that must be performed correctly or you may be liable to the estate or the beneficiaries. File the will. The Surrogate’s Court will issue "Letters Testamentary". Probate rules are established by your state and include identifying who can serve as an administrator and the priority of appointment. Learn about the requirements. If there is no Last Will and Testament, the closest relative is entitled to apply to the court to become the administrator of the estate. The deceased’s will names an executor to manage the estate’s administration. Although the tasks required to administer an estate will vary according to the exact nature of the estate, the following is a list of the more common duties for the executor or administrator: Probably the most important duty is to ascertain and take possession of the deceased person’s property over which the executor or administrator has responsibility or control. The reason for this is because the Executor is typically granted additional responsibilities within a Will, while an Administrator of Estate is guided by state law. The executor or administrator can be one person or several people. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly. Here we go! Wills usually name an executor, or an administrator, who is responsible for carrying out the instructions in the will. Basic duties of the executor or administrator include: Completing an inventory and valuation of all assets and debts Appoint someone as an estate administrator. The generic term for executors or administrators is personal representative. Broadly speaking, you'll be distributing the deceased person's property and arranging for payment of estate debts and expenses. Contact Us for a Free Consultation 403-209-4988. The appointment of an executor only becomes effective after the death of the testator. ... How to Best Perform the Duties of Executor of Estate. In this determination, a court may consider factors such as the complexity of the estate and issues involved, and the time the executor spent carrying out the duties, among others. Both the Executor and Administrator of Estate must report to probate court, though Executors generally have more power when handling assets. General Responsibilities of an Estate Administrator When a person dies a probate proceeding may be opened. Washington state, for example, provides that executors are entitled to “reasonable" compensation. In such cases, the person died without leaving a will, or it did not name an executor. If there is no will or the executors named in a will do not wish to act, an administrator of the deceased's estate may instead be appointed. Certified copies of these Letters are needed by the Executor to prove to 3rd parties, e.g. Before accepting, you should be sure you understand what you're getting into. Home The executor will take possession of any valuable assets while the estate is being evaluated. An executor is the legal personal representative of a deceased person's estate. The duties performed by an administrator are essentially the same as an executor. Yeah, don’t miss this all-important first step. An executor is the person responsible for managing the administration of a deceased individual's estate. What are the basic duties of an executor or administrator? There are quite a few things an executor of estate needs to be aware of going into their duties. These activities generally will be conducted on behalf of the decedent by a person acting in a fiduciary capacity, either as executor (in some states called a personal representative) or as trustee, depending upon how the decedent held his or her property. Probably the most important duty is to ascertain and take possession of the deceased person's property over which the executor or administrator has responsibility or control. A court must then officially appoint the executor before they can start their duties. Being chosen as an executor is both an honor and an obligation. ... executor named in the decedent’s will or an attorney. Get Help Now. As a first step, it is helpful to know the meaning of a few common terms: Although the authority to act cannot be granted until a petition for probate has been filed, it is wise to try Get the information and legal answers you are seeking by calling (626) 385-6303 today. Executor or Administrator Responsibilities. WHAT ARE THE BASIC DUTIES OF AN EXECUTOR OR ADMINISTRATOR? Each state has its own laws concerning executor fees. banks, that the Executor has authority to act on behalf of the estate. The executor and administrator essentially have the same responsibilities for administering the estate and overseeing the probate process. In broad terms, the executor passes on inheritances and pays off debt per the decedent's wishes and any applicable laws. If you fail to perform your duties as executor, you may be exposed to liabilities associated with any losses to the estate. Additionally, the court may appoint an administrator if the named executor cannot or will not act. act as Executor. 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