Administrator For Deceased Estate
Description
How to fill out Notice To Creditors Of An Insolvent Estate?
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FAQ
What is an administrator? An administrator is appointed by SAT to make financial and legal decisions of a financial or estate nature in the best interests of someone not capable of making those decisions for themselves.
If a person dies leaving a valid will, and the will names a person who is to execute the will and administer the estate, this person is called an executor. However, when the person in charge of administering the estate is not named in a will, that person is called an administrator.
An administrator is also referred to as an executor. However, legally speaking, an administrator is appointed by a court when the decedent has not named an executor in their will or if a named executor refuses or is unable to assume the responsibilities. A court cannot force a named executor to fulfill their duties.
Often, creditors will choose an administrator and then apply to the Court for permission to appoint them. The appointment immediately freezes any legal proceedings against the company, and the provisional liquidator takes complete control of the company.
The difference is the way in which they have been appointed. An Executor is nominated within the Will of a deceased person. If there is no Will, an Administrator is appointed by a Court to manage or administer a decedent's estate.
