Execution and Administration of Estates
The person who will be or is already appointed as executor or administrator must also administer the state. A simple estate administration generally involves the tasks of locating the assets of the deceased, converting these assets into cash or transferring property into the name of beneficiaries, paying the deceased’s liabilities and tax, and distributing the remainder.
Estate Administration can also be more complex, for example:
- The full extent of the deceased’s assets is unknown and assets have to be located.
- The assets are not in the deceased’s name.
- The deceased owned assets overseas and overseas probate is required.
- The beneficiaries want to have the estate distributed in different portions.
- Jointly appointed executors cannot agree on the estate administration process.
- Shares have to be sold in other countries (e.g. USA where so called Medallions signature is required).
- Gifts fail because the will/estate plan was not updated frequently.
- The terms of the will are unclear and require interpretation.
- There is a dispute about whether the deceased had capacity when signing the will.
- The deceased left potentially ‘informal’ wills.
- There might be children of the deceased from a previous relationship.
- The beneficiaries cannot be located.