executorsadministrators

Executors and administrators are fiduciary representatives appointed to manage a deceased person’s estate during the probate process. An executor is named in the decedent’s last will and testament to carry out the instructions in the will and distribute assets accordingly. An administrator is appointed by a probate court when there is no valid will (intestacy) or when the named executor cannot or will not serve; the court issues letters of administration authorizing the administrator to act.

Duties and powers commonly include locating and valuing assets, collecting debts owed to the estate, paying final expenses, debts, and taxes, filing final income tax returns, protecting and preserving property, managing investments, and distributing assets to beneficiaries or according to intestate succession rules. Executors and administrators must keep records, file required accounts with the probate court, and report to beneficiaries. They typically must act in good faith, with loyalty to the beneficiaries, avoid conflicts of interest, and avoid self-dealing.

Limitations and potential liability exist. They may need to post a bond, follow court-approved procedures, and meet deadlines. Mismanagement or breaches of fiduciary duty can lead to personal liability to the estate or beneficiaries, though most issues are indemnified by the estate.

Compensation is often allowed and may be court-approved or governed by statutory guidelines, varying by jurisdiction. Termination occurs when final distributions are made and accounts are settled, after which the fiduciary duties expire.

Terminology and procedures vary by jurisdiction; some places use different names for similar roles or combine concepts under a single term. In essence, executors and administrators carry similar fiduciary responsibilities to administer estates properly, honor wills when present, and comply with probate law.