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Whats the difference between executor and administrator of an estate?
The terms administrator and executor are often used interchangeably, but theres a subtle difference. An administrator can refer to anyone appointed to manage the affairs of a deceased person. An executor is a specific type of administrator named in a persons will to manage their estate after they pass away.
What is meant by administration of an estate?
Estate administration is the process of winding up a persons financial dealings after they die and then distributing that persons property to the people that inherit it.
What is the role of the administrator of an estate?
The primary responsibilities of an administrator include: take responsibility for property (e.g. insure any unoccupied property) sort out finances (cancel direct debits, etc) value the estate. pay any Inheritance Tax due.
What does it mean to administer an estate?
To begin the process, a Petition for Letters of Administration must be filed with the Court. The Initial Filing Fees must be paid upon filing the petition. Any interested party or heir can file the Petition for Letters of Administration.
Who is administering the estate of the person who died?
The person who manages this process is called an executor, and the people who receive items or benefit through the Will are called beneficiaries. If youve been named executor of a Will, see our guide about whats expected of you and where we can help.
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Related links
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Feb 8, 2018 Voluntary Administration: A simple and inexpensive method of administering an estate of a deceased person where personal assets in the.
Begin the probate process (without a will) | Services
Jan 24, 2023 To be recognized as the estate administrator, you must file the petition for grant of letters of administration with the Register of Wills.
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