When the courts appoint an administrator to an estate, they can choose anyone. This includes creditors or third-party companies. Meaning you and your family lose all control over the estate.
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What Is An Executor?
An executor is a person who gets appointed to distribute the estate of a deceased person.
The executor’s main duty is carrying out the instructions of the will and testament.
The executor gets appointed by the person creating the will.
If there is no will, the executor is court-appointed.
What Is An Administrator?
An administrator is a court-appointed person who handles the financials of a deceased person.
The administrator will organize the estate and settle debts, expenses, and other obligations.
The administrator will also distribute the remaining assets per the will.
If there was no will, they will distribute assets per intestacy laws.
Executor vs Administrator
There are not a lot of differences between an executor vs administrator.
Let’s talk about the similarities between an executor vs administrator.
Similarities Between Executor vs Administrator
Both the executor and administrator:
are subject to the jurisdiction of the probate court
sell properties and pay taxes
collect and close banking and investment accounts
open estate bank accounts
gather and distribute assets
pay off the necessary debts from the estate
are fiduciaries and have to act in the best interest of the estate
The main differences between administrator vs executor are:
An executor is appointed by the will. An administrator is appointed by the courts.
An administrator’s authority is limited to the intestacy law’s statutes. The executor has the same authority plus any other authority outlined in the will.
The will gives the executor the authority to sell real estate without having to go through probate court.
Executors distribute the estate per the will. An administrator distributes the estate per the intestacy laws.
The courts may require an administrator topost a surety bond to secure the safety of the estate’s assets.
If the courts appoint an administrator, the family members may be required to provide proof of kinship in a Kinship Hearing.
An executor can take action on the will’s contents immediately after death. An administrator has to wait until the courts issue a grant of administration.