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Chapter 5: Executors and Adminstrators - Coggle Diagram
Chapter 5: Executors and Adminstrators
Roles and Responsibilities of Executors
Executor's Duties:
Apply for probate (if a will exists)
Ensure proper administration of the estate according to the will.
Collect assets, pay debts and distribute the estate to beneficiaries
File tax returns (inheritance Tax and Income Tax)
Key records of all estate transactions
Executors Rights:
Right to request information from banks, authorities and others.
Right to sell assets or property (with court approval if necessary)
Key Case Law:
Re Sims: Executors have fiduciary duties and must act in the best interest of beneficiaries
Roles and Responsibilities of Administrators
Administrators Duties:
Apply for a grant of letters of administration (if there is no valid will)
If appointed, administer the estate according to intestacy rules.
Similar responsibilities to those of executors (eg, collecting assets, paying debts)
Priority of Appointment of Adminstrators
Spouse or Civil Partner: First in priority to apply
Children/Issue: If no spouse or civil partner
Other relatives: if no issue or spouse.
Key Laws:
Administration of Estates Act 1925: Governs the appointment of administrators under intestacy
Key Case Law:
Re Sir Frederick Wigan: Establishes rules for the appointment of administrators in the absence of executors
Appointment of Executors and Administrators:
Who can be an Executor or Adminstrator?
Must be at least 18 years old
Cannot be an undischarged bankrupt (in some cases)
Executors must be willing to take on the responsibility
Renunciation of the Role:
Executors can renounce their role if they are unwilling or unable to act
Adminstrators may also renounce if they wish not to take up the responsbility
Key Laws:
Wills Act 1837: Specifies requirements for the appointment of executors
Administration of Esates Act 1925: Governs the adminstration process of intestate estates.