ESTATE ADMINISTRATION
The death of a family member or friend is difficult and being named an executor(s) carries a lot of duties, responsibilities and legal issues which must be dealt with.
PROBATE
This is a process in which the Court confirms the executor(s) authority to act on behalf of the deceased.
Some examples where probate of a Will is required:
- Formal approval of a Will as the Last Will and Testament of the deceased
- Appointment of the executor
- Executor authority to act (for third parties i.e. bank(s)
- An estate requires transfer of land
Probate fees are paid by the estate, prior to any distribution to any listed beneficiaries.
ESTATE ADMINISTRATION WITH A WILL
The individual named in the Will is known as the executor and will oversee the “winding up” of the deceased estate. There are some situations where more than one person is named as executors. These person(s) apply for a Certificate of Appointment as Estate Trustee and once approved by the Court, these person(s) have authority to administer the deceased estate.
ESTATE ADMINISTRATION WITHOUT A WILL
This is a situation where the deceased individual does not have a Will. An individual (most commonly, a family member, however, there are situations where the individual is not a family member) must be appointed by the Court to administer the deceased estate. The Court will grant a Certificate of Appointment of Estate Trustee without a Will, which give the named person(s) authority to distribute the deceased estate in accordance with the intestacy laws.
DUTIES OF THE EXECUTOR
The executor is held to a high standard when administering the deceased estate and owes a fiduciary duty to any/all beneficiaries. The executor must act in the best interest of the beneficiaries at all times.