When someone dies, another person is appointed to be dealing with their assets and estates. This person, either called the ‘executor’ or ‘administrator,’ needs to handle all of the liabilities and settlements that the deceased person left behind. These expenses include debts and taxes. At the same time, this person is also responsible for distributing the deceased person’s money and property to the people who are entitled to it. In this article, we’re going to discuss deceased estates in Adelaide. Continue reading and find out more about this legal term.
Executor vs. Administrator: What’s the Difference?
The person appointed with managing a dead person’s finances and properties will either be called an ‘executor’ or ‘administrator.’ They will be called depending on how the deceased person managed his or her estate plans before he died. If the dead person managed to create and leave a valid will, the appointed person is called the executor.
On the other hand, if the deceased person wasn’t able to leave a will, or created an invalid one, the person who will deal with his or her estate is then called the ‘administrator.’ The administrator is appointed by the local court instead. As you can tell, it’s more ideal that you appoint someone instead of the local court doing it for you when you die. That’s why you need to do your estate plan as early as possible. Speak with a solicitor if you’re unsure with your decisions.
Accessing a Dead Person’s Assets
If the person left a lot of properties and money in his or her estate, the executor or administrator would have to apply for a grant of representation to gain access to these assets. An application for an award will then be made to the Probate Registry. If the deceased person managed to apply for deceased estates in Adelaide, along with creating a valid will, the Probate Registry would grant the probate of the will without going through a tedious process. However, if the deceased person failed to make a valid will, the Probate Registry will issue a grant of letters of administration. Click here to learn more about it, as well as the process that the administrator or executor will go through.
So as you can see, deceased estates in Adelaide can be tiresome work. But it will be worthwhile once you manage to create one. Not only will your assets be secured, but you can also guarantee that it will be turned over to the rightful inheritors. Click here to book an appointment with one of our estate planning attorneys today.