What is the Administration of the Estate?

Where the deceased person has a valid Will:

The administration of the estate (of a deceased person) is where the executor(s) named in the will administer the wishes of the deceased will-maker.

The executors role includes:

1. Secure all assets of the deceased estate;
2. Arrange the funeral if the deceased has given specific wishes to the executor that the family is not aware of. The funeral is often also arranged in conjunction with, or, the family of the deceased;
3. Apply for grant of probate, which allows the executor to deal with the estate’s assets;
4. Collect all assets and sell any that are not specifically gifted in the will;
5. Arrange any tax returns;
6. Pay any outstanding debts owed by the deceased; and
7. See to the distribution of the residuary estate and any specific bequests (gifts) in accordance with the terms of the will).

The requirements of the executor are extensive depending on the size or complexity of the estate, which is why executors will often engage a solicitor to ensure the executor is able to properly fulfil their role.

Executors also have duties to the beneficiaries, which include:

• communicating with beneficiaries in a timely manner;
• act in the beneficiaries’ best interest;
• keep account of all of the estate’s fees in the administration process;
• Administer and distribute the estate in a reasonable time
  • note: ‘reasonable time’ is not defined; however, the executor must act as swiftly as they can. If executors do not act responsibly and/or waste the estate’s money, the beneficiaries may be able to sue the executor in their personal capacity.

Once all the administrative tasks have been completed, the final part of administration is the dividing of the residuary estate to the named beneficiaries.

The residuary estate is all the “leftover” money, after all debts and testamentary expenses are paid. The residuary estate is distributed in accordance with the instructions of the will.

To ensure that your loved ones have an easy time with the wrapping up of your estate or if you are an elected executor of an estate, please contact our office for information and pricing.

**This blog does not deal with intestate estates, please see our blog post on dying intestate**