The Difference Between An Estate Administrator And Executor
If you have been named as an executor or administrator of a deceased person’s estate, then it is important to understand the difference between these two roles. The difference is subtle, but it is important to know so that you can make the right choice for yourself and your family when it comes time to manage a deceased person’s estate.
What Is An Executor Or Administrator & What Do They Do?
An estate administrator or executor is someone who is responsible for distributing the assets of a deceased person to their heirs. They may be named in a will or trust document, they may be an attorney for the deceased or they may be appointed by a probate court if the deceased died intestate (without a will). In most cases they will distribute the estate according to the terms of the deceased’s will. This involves paying off debts, finding missing assets and dividing up the remaining property. But before they can start distributing the estate, they must determine the decedent’s final debts, pay those debts and make sure that all creditors are paid. This process takes time and can be complicated. Once all debts and liabilities have been paid, only then will they begin distributing the estate to the heirs. This includes dividing the property among the heirs, paying any outstanding tax and identifying any existing claims by a spouse or dependent.
What Is The Difference Between An Executor And Administrator In NV?
An estate administrator and executor are both tasked with distributing a decedent’s assets after their death. However, their roles and responsibilities differ slightly. The main difference is that an executor is named in the decedent’s will and an administrator is appointed by the probate court upon a person’s death. When there is no will, the court appoints an administrator and designates those who are entitled to inherit under state laws of intestate succession (usually heirs).
What Are The Obligations Of An Executor Or Administrator?
When someone dies, their property, possessions, money and other things need to be sorted out. This process is called dealing with an estate and it can be a very stressful time for families. An executor or administrator is the person that is legally responsible for managing this process. Both an executor and an administrator are tasked with sorting out the decedent’s assets, paying all debts and distributing the remaining property to heirs or beneficiaries. They must do this according to the wishes of the deceased as set out in their will. A professional paralegal can help make this process easier for all involved, including the heirs and beneficiaries of the estate. They can also assist with any disputes that might arise during the administration process. Often, an executor or administrator will have to pay a bond to the court to ensure they will act in the best interests of the decedent and their estate. They have to be honest, diligent and impartial when completing their duties, and they can be held personally liable if they do anything that damages the estate.