Have you ever thought about who deals with a person’s properties and money when he dies? Sure, they may have a family who can take care of everything. But what if they don’t? What if that person is unmarried and he hasn’t been in contact with his family ever since? Who will deal with their assets? Who will deal with their liabilities? It may not be anyone’s business right now, but it’s essential to know about deceased estates. Dealing with the financial affairs of a deceased person might be on the table for you in the future. So you should become aware of the circumstances that might come. In this article, we’re going to talk about deceased estates.
After a person dies, someone must deal with their money and property. This will be called the ‘administrator’ or ‘executor,’ depending on whether the deceased person was able to make a will or not. They also need to pay the deceased person’s debts and taxes, as well as distribute his or her assets to the people entitled to it. By following the dead person’s will and estate plan, this person will be able to spread the assets accordingly.
Executor or Administrator
If the deceased person has a valid will, the person dealing with the estates is called the ‘executor.’ However, when the person left with an invalid will or no will at all, the person who deals with the deceased person’s estate will then be called the ‘administrator.’ The court may appoint an administrator before they are given the authority to deal with deceased estates. If you’ve been appointed as an executor by someone you know who has died and you’re having doubts about the role, you should seek legal advice right away. You can find out more about will-making and what to do as an executor by clicking this link.
If the deceased person left a lot of assets – both money and properties – in his or her estate plan, the executor/administrator might have to apply for a gram or representation. That way, they will have access to the money. An application for a grant is made to the local Probate Registry. If the deceased person were able to leave a valid will, the Probate Registry would grant probate of the will. Otherwise, if a will wasn’t left, the Probate Registry will have to issue a grant of letters of administration.
For more info about deceased estates, talk to a legal adviser, estate planner, or lawyer. You can also speak to one of our representatives via Skype chat. Click here to learn more.