The administrator can also be an individual or corporation. The difference is that the administrator cannot start acting on behalf of the deceased person's estate until the court issues a grant of administration. An executor, on the other hand, can begin acting immediately after the person dies because he or she is named in the will.
What legal duties does an executor or an administrator have?
What Legal Duties Does An Executor Or An Administrator Have? The administrator or personal representative or executor are all interchangeable terms. They have 3 basic duties. One is to notify all heirs and beneficiaries of an estate of the proceedings as well as any creditors that have already filed claims.
What are the duties of an executor or administrator of an estate?
Responsibilities of an Executor or Administrator By law the Executor or Administrator must pay all debts of the deceased from the proceeds of the estate, distribute the remaining assets and make an account of all the property received and distributed. In doing this an Executor must follow the instructions in the Will.
What are the responsibilities of an executor?
Your solicitor can guide you through every stage of your journey as executor, including:
- Informing you of your rights and responsibilities
- Helping you apply for probate and complete the probate forms
- Helping you identify and collect the deceased’s assets
- Advising you on any potential tax implications
- Advising you on the right order to pay debts and distribute assets
- Assisting you to resolve any claims against the estate
What is the difference between a trustee and an executor?
- Executors and trustees have separate powers and duties
- The executor handles estate administration by following a will, while the trustee handles trust administration in accordance with a trust agreement
- An executor can be a trustee and vice versa
What is an executor and administrator?
Executor and administrator are terms that are associated with individuals who have been asked to look after the possessions of a person who has passed away. These possessions are mainly immovable, and this is the reason why there is an executor or an administrator of an estate.
What happens when a person dies after making a will?
If an individual dies after making a will, he mentions the name of the person who will execute his directions relating to his estate. This person is known as the executor who looks after the debts, taxes, and payment of other expenses of all the properties owned by the deceased person.
What is the name of the person who is appointed by the court to look after the affairs of his property?
This person, who is classified as a personal representative is known as the administrator of the estate of the deceased.
What is the difference between executor and administrator of an estate?
The difference between executor and administrator of estate comes down to how the person came to be in charge of the estate.
What happens when an executor is appointed by the court?
Once an executor or administrator is appointed by the court, they can start performing their duties in accordance with New York law.
What is a female administrator called?
A female administrator used to be called administratrix and a female executor used to be called executrix but that definition no longer plays a role, as that distinction has been eliminated by the courts in favor of gender-neutral language.
How to get appointed to be in charge of an estate?
In order to get appointed to be in charge of an estate, the potential executor or administrator will need to either obtain written waivers and consent of the people they notified or have to schedule a hearing date where the people notified of the date have a chance to appear and voice any of their reservations.
What are the duties of an executor in New York?
The duties include things like finding (marshaling) the assets of the decent, paying debts taxes and fees and distributing the assets in accordance with the will.
What is someone who is appointed because of any other reason called?
Someone who is appointed because of any other reason is called administrator. There is not much difference between them. Because of that, many states have abolished the difference between executor and administrator altogether. Instead, they call any person in charge of an estate personal representative. The difference between executor and ...
Can an executor be a preliminary administrator?
The difference between executor and administrator in this regard is that there is no such thing as a preliminary administrator. Only an executor can be preliminary.
What is the difference between executor and fiduciary?
The main difference between these two fiduciaries is the way how they will become the representatives of an estate and how they might carry out such responsibility. An executor is a person who is appointed in a Will by the testator and who will be responsible for representing the estate after the testator passes away and the will has been admitted to probate. On the other hand, if the deceased passed away without a Will, the person representing the estate will be called an administrator and will be appointed by the New York Surrogate’s Court.
Is a fiduciary a personal representative of an estate?
Although, here in New York we still differentiate such positions, many states like Florida, have eliminated the difference between executor and administrator, naming such fiduciaries as “personal representative” of the estate. Nonetheless, both fiduciaries will have to be responsible for paying all the debts in the name of the deceased and thereafter make a distribution of the estate’s remaining assets for the beneficiaries/ heirs.
Is it important to have an attorney for probate in New York?
Whether you are to be appointed as an executor or administrator of an estate here in New York, it’s always important to discuss with an experienced probate attorney what are your responsibilities and duties as such as well the nuances of your case. While many situations might be straightforward, others will not and an attorney will guide you in the most efficient way.
Executor, Independent Executor, or Personal Representative
The words executor, independent executor, or personal representative of an estate signify a man named by the maker of a will to probate an estate, pay the deceased person’s debts and last illness expenses, distribute assets, and otherwise carry out the terms of the will after the maker of the will dies.
What are the duties of an Executor?
The words executor, independent executor, or personal representative of an estate signify a man named by the maker of a will to probate an estate, pay the deceased person’s debts and last illness expenses, distribute assets, and otherwise carry out the terms of the will after the maker of the will dies.
What is the difference between an independent administrator and a dependent executor?
One of the key differences between being an independent administrator or dependent executor is the overall level of court supervision that is required. In a dependent administration, the court closely monitors the executor’s actions, so that it can let the heirs and beneficiaries ...
What are the benefits of independent administration?
The benefit of independent administration is that it’s not nearly as time-consuming as dependent administration. Additionally, the executor doesn’t need to have preapproval to complete transactions, so they are more efficient.
Why is it easier to be accused of breaching fiduciary duties?
It is much easier to be accused of breaching fiduciary duties or making mistakes as an independent administrator, because there isn’t the intensive oversight of the court to monitor and catch mistakes.
Do you need a court to watch over an estate?
If you are appointed to be the independent administrator of an estate, you may not need the court to watch over you, but you should make sure you know your legal rights and obligations.