The process of administration of deceased estates is known by many to be complex and difficult to understand. Here is a generally simplified article on administration of deceased estates for general information purposes.
The aim and purpose of administering an estate is to finalise the financial affairs of the deceased. To ensure that any assets may be handed over to the heirs or beneficiaries and that there are no further assets or debts due. This role is played by a person called an executor who may be appointed in a will left by the deceased or by the Master of the High Court where there is no will. The executor will be issued with the Letters of Administration legally authorising him or her to administer the estate. The executor’s duty is to ensure that the creditors including all administration fees and duties are satisfied first then award legatees (heirs or beneficiaries mentioned in a will) what is due to them and finally deal with the residuary heirs.
The stages in estates administration may be classified and summarised as follows.
- Obtaining appointment as executor (Letters of Administration)
- Liquidation of the assets and paying creditors
- Preparation of the estates accounts
- Finalising and handing over the assets to the heirs
This article is for general information purposes only. Legal advice must be sought in any aspect of the law.
