erfðastjóri

Erfðastjóri is an Icelandic legal term referring to the person appointed to administer and settle a deceased person’s estate. The erfðastjóri may be the executor of a will or, in the absence of a named executor, an administrator appointed by a court or by the heirs. The role is to handle the estate in accordance with Icelandic inheritance law and any applicable probate rules.

Duties and powers include identifying and securing assets, creating an inventory, paying debts and taxes, and collecting claims owed to the estate. The erfðastjóri must manage assets prudently, safeguard property, and keep clear accounts. They prepare and present statements to heirs and, when required, to the court. The ultimate goal is to distribute assets to beneficiaries as directed by the will or by statutory succession if there is no valid will.

Appointment and tenure vary. If a will designates an erfðastjóri, the appointment is usually straightforward. If not, the court or the heirs appoint a suitable person, who may be an heir, a trusted professional such as a lawyer, or a bank’s fiduciary service. The erfðastjóri’s mandate ends once the estate is fully settled and assets are distributed, or when the court orders termination of the administration.

Duties are fiduciary in nature: the erfðastjóri must act in the estate’s best interests, avoid conflicts of interest, and may be liable for mismanagement or negligence. In practice, erfðastjórar may involve professional assistance for complex estates, particularly when professional judgment or significant assets are involved.