What is an independent administrator of an estate?
Independent administration An independent administrator does not need approval from the court to take certain steps on behalf of the estate. This includes actions like paying debts, transferring title or selling property. An independent administrator must retain an attorney in most probate courts.
What is the difference between an Executor and administrator of an estate?
An Executor is named within a Last Will and Testament, while the Administrator of Estate is typically appointed if someone dies without a Will. Both the Executor and Administrator of Estate must report to probate court, though Executors generally have more power when handling assets.
Who can act as administrator of an estate?
Normally, one or more of the executors named in the will applies for the grant of probate. Otherwise (if the person died without a will or the will did not appoint executors) a beneficiary or relative can be the administrator and can apply for letters of administration.
How is an administrator of an estate appointed?
An administrator of estate is someone who is appointed by the court. An administrator may be appointed when a deceased person has a will but does not appoint an executor in the will. In these cases, the court issues a grant to the administrator called a Grant of Administration with Will Annexed.
Do you have to pay administrator of estate?
In some cases, administrators of estate are entitled to payment. Sometimes, a flat fee will be stated in the will. If not, state laws may govern how much an administrator can claim. In some cases, you can suggest compensation… but if your offer is too high, the court may reject it.
What are the duties of an administrator in a will?
It is an administrator’s job to gather all of the assets of the estate, pay the debts of the estate, and distribute the assets to the beneficiaries in accordance with the will or the laws of intestate succession. All of this will occur under the supervision of the probate court in the county where the decedent lived.
What do you call the person who manages an estate?
The person assigned the duty of managing the estate through this process is called an administrator or executor. Since state statutes govern estate administration, the administrator must follow state law regarding procedures and time frames.
When does an estate administrator have to submit a final accounting?
If there is a valid will, the estate will be distributed to the beneficiaries named in the will. Depending on state law, the administrator may have to submit a final accounting to the court either before or after the remaining assets are distributed.