Alabama Sample Letter for Assets and Liabilities of Decedent's Estate
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How to fill out Sample Letter For Assets And Liabilities Of Decedent's Estate?
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FAQ
An administrator is an individual appointed by the court who is responsible for executing a decedent's estate. An administrator is responsible for settling all financial matters?including outstanding debt, expenses, and other obligations?related to a decedent's estate.
Personal Representative. This is the individual (you) appointed by the Probate Court and charged with the responsibility of collecting the assets of the Decedent, paying all proper obligations and distributing the remaining assets to the heirs.
What is an Executor and What Do They Do? The executor under your will (or sometimes referred to as a personal representative in Alabama) is the person you select to manage your estate and carry out your desires after your death. In your will, you will appoint an executor.
The order of priority for the right to serve as the administrator goes to 1) the widow/surviving spouse, 2) the other next of kin, 3) the largest creditor of the estate residing in Alabama, 3) any other person appointed by the probate court. Any of these persons may relinquish their right to serve as administrator.
In Alabama, by statute, the maximum compensation for an executor or administrator (personal representative) of an estate in ordinary cases is two and a half percent of the value of the estate property received by the executor or administrator and two and a half percent of the value of the disbursements from the estate.
An executor is someone who has been named in the will to manage your estate after you die. An administrator is someone who takes charge of your estate if you die without a will. Keep in mind that estate law is state-specific.
