By CM Lawyers
July 16th, 2024
Administering an estate after someone passes away can be a daunting task, filled with legal complexities and emotional challenges. This Ultimate List aims to provide a comprehensive guide to navigating this process effectively.
The administration of a deceased estate is typically carried out by an executor appointed in the deceased’s will. The executor has several critical responsibilities, including:
- Collecting Assets: Gathering and securing all assets of the estate, including real estate, financial holdings, and personal belongings.
- Paying Debts: Settling any debts and liabilities from the estate’s assets, including taxes and outstanding loans.
- Distributing the Estate: Distributing the remaining assets to the beneficiaries according to the terms specified in the will.
In cases where the deceased did not leave a valid will, the estate is managed according to intestacy laws. The Supreme Court of NSW will appoint an administrator to manage the estate. The administrator’s role is similar to that of an executor but must follow statutory rules for distribution rather than the deceased’s specific instructions.
Distinguishing Between Executors and Administrators:
- Executor: Appointed by the deceased’s will; responsible for following the will’s provisions.
- Administrator: Appointed by the court in the absence of a will; must follow intestacy laws to distribute the estate.
