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ROLE OF ADMINISTRATOR OR EXECUTOR Simply, it is the responsibility of the Executor or Administrator to deal with all aspects of the administration

of the deceaseds Estate. In practice, many Executors and Administrators ask a solicitor to do this for them, due to the sizeable amount of paperwork that is generated. Solicitors can be appointed as Executors and this is usual where you wish to ensure that a particular firm carries out the administration of the Estate for you, especially where there is a house involved. The solicitor holding the Will should be approached as soon as possible after death in order that you can make the necessary arrangements for the administration of the Estate. If there is a Will and it is held by a solicitor you must inform that solicitor of the death as soon as possible. A list of assets and liabilities will be compiled. If necessary, assets will be professionally valued. Once the values of the assets and liabilities have been obtained, the necessary Inland Revenue forms will be completed, a formal Oath will be sworn and the application made for the appropriate Grant. The assets of an Estate cannot be encashed, or a house sold, until the Grant has been issued. Even when the entire Estate has been liquidated, it is not always a good idea to distribute it amongst the beneficiaries. There are two specific deadlines that have to be considered one for creditors of the estate and another for potential beneficiaries to make a claim. Also, an Executor or Administrator is not legally obliged to distribute an Estate until one year has elapsed from the date of death. Most non-professional Executives do not know this, and will make payments from an Estate without being aware of the personal liability they may have. Administering an Estate can be a complex and time-consuming task. Asking a solicitor to act on your behalf is not an admission of defeat it is extremely sensible! A good solicitor will keep you involved in the process, and provide you with regular updates. You should always use a solicitor who is experienced in dealing with Estates, preferably one who is a member of the Society of Trusts and Estates Practitioners (STEP), a prestigious organisation for those who are specialists in the areas of Wills, Trusts and Estates

Executor
An individual or trust institution nominated in a will and appointed by a court to settle the estate of a deceased person.

Executor/Executrix
A person who administers the estate of a deceased person. The executor (if male) or executrix (if female) is responsible for gathering all of the decedent's assets and giving them to the appropriate beneficiaries. He/she is often a family member or lawyer who is either appointed in the decedent's will or by a court. The executor/executrix has a fiduciary responsibility to act on behalf of the decedent and to fulfill, as closely as possible, the wishes set forth in the will. Persons under 18 and convicted felons cannot serve as executors.

executor
One named in a will to fulfill the wishes of a decedent regarding the disposition of assets. Today, the word refers to both males and females serving in that capacity. At one time, executor referred only to males,and the female was called an executrix.

Trust
A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the beneficiary. The person creating the trust, who may or may not also be the beneficiary, is called the grantor.

Trust
1. A relationship in which one party, known as the trustor, gives to a person or organization, known as the trustee, the right to hold and invest assets or property on behalf of a third party, known as the beneficiary. Most trusts exist to provide for the financial future of a minor child or mentally incompetent person. Trusts may also be set up to benefit charitable organizations. The trust agreement indicates at what time, if any, the beneficiary takes direct control of the assets. The beneficiary often receives disbursements to meet

basic expenses until the time comes when the beneficiary takes control. Trusts are taxed on all money not given to the beneficiary. See also: Escrow, Charitable trust.

trust
A legal arrangement whereby control over property is transferred to a person or organization (the trustee) for the benefit of someone else (the beneficiary). Trusts are created for a variety of reasons, including tax savings and improved asset management. See also charitable lead trust, charitable remainder trust, Clifford trust, marital-deduction trust, QTIP trust.

Trust. When you create a trust, you transfer money or other assets to the trust.
You give up ownership of those assets in order to accomplish a specific financial goal or goals, such as protecting assets from estate taxes, simplifying the transfer of property, or making provision for a minor or other dependents. When you establish the trust, you are the grantor, and the people or institutions you name to receive the trust assets at some point in the future are known as beneficiaries. You also designate a trustee or trustees, whose job is to manage the assets in the trust and distribute them according to the instructions you provide in the trust document.
A Practitioner's Guide to Executorship and Administration 7/ed Written by: John Thurston successful estate administration made easy A Practitioner's Guide to Executorship and Administration 7/ed is a concise and thorough guide to all matters pertaining to the executorship and administration of an estate. It covers all aspects of estate administration and will prove invaluable in estate, will and probate practice. The tax issues, financial consequences, disputes that often arise, new pieces of legislation... no matter how complicated your client's financial affairs this superb book contains the guidance and information you need. This essential guide to estate administration and executorship covers: - Immediate post death procedures - Drafting oaths and Inland Revenue accounts - Powers of personal representatives - Completion of the administration - Problems with wills and other disputes - Inheritance tax, capital gains tax and income tax Packed full of technical information, it provides guidance to the administration of estates of those dying testate, intestate or partially intestate, from taking initial instructions to preparing final accounts and distributing the estate. A host of forms, examples, practical suggestions and technical tips are included. A Practitioner's Guide to Executorship and Administration 7/ed will prove invaluable to your firm. Order your copy TODAY. Bibliographic detail ISBN: 9781847661111 / 978 1 84766 111 1 Publication Date: Mar-09 Format: Paperback Availability: In print List price: 95

Nominated Executors cant be forced to take on the Executorship but once they have accepted they are unable to renounce. The Executor is to act in accordance of the appointment as described in the Will and accepting is a full acceptance of all responsibilities. An Executor is not able to make an agreement for another to accept office of Executor. There is no ceremony to mark the acceptance of the appointment. Acceptance is by conduct and carrying out the duties of an Executor knowing they are being carried out as Executor. When it is unclear whether the nominated Executor has accepted the appointment or not, the Court may require the Executor to appear before it and make clear their intention. If you have been appointed by the Will, you should decide very quickly whether or not you wish to accept the position. There is no legal obligation to do so. If you dont want to act, you will need to Renounce your appointment. The Court will not force you to accept the job unless you have already started taking substantive steps in administration of the estate.

Executorship & Bankruptcy


By Theresa Custodio, eHow Contributor

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Administering assets of an estate can be difficult when bankruptcy is involved.


Executorship is the process of administering a deceased person's will. An individual responsible for accomplishing the wishes contained in the will is the executor of the estate. If you are the executor of a person's estate who passed away in the process of a bankruptcy, there are options to consider depending on the type of bankruptcy involved.

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1. Chapter 7 Bankruptcy
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Chapter 7 bankruptcy asset liquidation continues even if the debtor dies prior to completion of the process. As executor of the estate, you can attend the meeting of creditors provided the deceased has

not attended any prior meetings. Generally, debts of the deceased dissolve, known as a bankruptcy discharge.

Chapter 13 Bankruptcy
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Chapter 13 bankruptcy involves a payment plan the debtor must meet to settle amounts due to creditors. If the debtor dies during the process, the case may continue under Chapter 13, convert to Chapter 7 status or be dismissed. When the case continues under Chapter 13, payments to creditors must continue.

Hardship Discharge
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You can seek a hardship discharge for the estate when Chapter 13 bankruptcies continue after the debtor dies. As executor of the estate, you are required to prove to the bankruptcy court that the death of the debtor creates a situation making continued payments under the plan impossible.

Read more: Executorship & Bankruptcy | eHow.com http://www.ehow.com/facts_7480820_executorship-bankruptcy.html#ixzz1gyX5JZ58

Executorship Duties
By Carol Ochs, eHow Contributor

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1.

An executor plays many roles.

Becoming the executor of someone's estate can be an honor that turns into a nightmare in some cases. Depending on the complexity of the estate, the job can last for weeks or months. Things may go smoothly or there may be disputes over inheritances. The duties of an executor or personal representative differ slightly from state to state, but there are some key actions that every executor must take.

2. Find and Manage Assets


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An executor is supposed to protect the property of the dead person until all debts and taxes are paid and assets are distributed to inheritors. In order to do this, the NOLO legal website says, an executor must first locate all of the person's assets and then make decisions about whether to sell real estate or securities that are part of the estate.

Probate
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NOLO says an executor also must make a decision about whether the estate needs to go into probate court proceedings. It says probate usually isn't needed when most jointly owned assets are being passed to the surviving owner. State law may determine whether an estate can go through a streamlined probate process based on the amount of assets in the estate.

Determine Who Inherits


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If the deceased person left a will, things will go a lot smoother. In that case, the executor reads the will to determine who inherits what. NOLO says even if the estate doesn't go to probate, the will generally must still be filed in the local probate court. If there is no will, NOLO says the person in charge, sometimes called an administrator, needs to take a look at state "intestate succession" statutes to determine who the heirs should be.

Handle Money
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NOLO says an executor may set up an estate bank account that's used to hold money, such as paychecks, that are owed to the dead person. The executor also needs to continue paying any bills that come in for the deceased, such as utilities and mortgages. If there are any debts, those must be settled, too. In addition, the executor must file a final income tax return for the deceased.

Tie Up Loose Ends


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The executor has responsibility for tying up all loose ends of the person's life. NOLO says leases and credit cards need to be canceled, the bank and post office must be notified, and agencies such as Social Security and Medicare need to learn of the death.

Distribute Property
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Of course, the executor also needs to make sure that those who are supposed to inherit get the money, property or other assets the deceased wanted them to receive. Items are distributed based on the deceased's will or state law.

Read more: Executorship Duties | eHow.com http://www.ehow.com/list_6498638_executorshipduties.html#ixzz1gyXQS3LV

Difference of Power of Attorney & Executor of Will

By Carrie Ferland, eHow Contributor

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Two of the most common ways to assume authority over another person's affairs are through Power of Attorney and executorship. Both positions allow an individual to make decisions on behalf of another, but in differing ways and situations.

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1. Power of Attorney
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Power of Attorney gives someone the authority to act on someone else's behalf for certain matters. A Power of Attorney agreement remains valid during the principal's lifetime, and automatically ends upon the principal's death.

Executor of a Will
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An executor handles a decedent's estate after he passes away. The executor has no authority during the decedent's lifetime.

Powers and Authorities


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Someone who has Power of Attorney has the authority to make decisions for the principal, but is limited to what powers are outlined in the agreement. An executor has the authority to handle the estate as the decedent would if she were still alive.

Responsibilities
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The agent in a Power of Attorney agreement has a responsibility to the principal and her best interests. The executor of a will has a responsibility first to the decedent and his wishes (as described in the will), then to the estate, the estate's creditors (including the IRS), and the beneficiaries.

Termination of Authority
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An agent's powers can be revoked at any time by the principal for any reason. An executor's powers can only be terminated by court order. Agents and executors can also voluntarily resign from their positions at any time, with or without cause.

Read more: Difference of Power of Attorney & Executor of Will | eHow.com http://www.ehow.com/facts_5783096_difference-power-attorney-executor.html#ixzz1gyY2f0YC