Circumstances Where An Administration Is advisable Or Necessary
There are a myriad number of instances where an administration of the decedent’s estate is necessary. They include: 1. Disagreements between heirs or legatees on their respective inheritances. 2. Insolvency of the estate and the need to sell certain assets to create liquidity. 3. The need for a succession representative with authority to sell prope
How to Choose A Succession Representative If An Administration Is Necessary
If a decedent dies “intestate” (i.e., without a Last Will and Testament), any succession representative who is appointed is referred to as an “administrator.” On the other hand, if the decedent dies “testate” (i.e., with a Last Will and Testament), the succession representative is referred to as an “executor.” If the decedent’s Last Will and Testam
What Does A Succession Representative do?
A succession representative is a fiduciary with respect to the succession, and is charged with the duty of collecting and preserving property of the succession. He must at all times act as a prudent administrator and can be personally responsible for any damages from his failure to do so. There is no prohibition against having multiple representati
Compensation Owed to A Succession Representative
The amount of compensation owed to an executor in a testate succession can be provided for in a decedent’s Last Will and Testament. In intestate successions, the amount of compensation can be reached through agreement of the succession representative and the heirs and surviving spouse. Absent such agreement, the succession representative is general