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By law, an executor or administrator must pay all debts of the deceased from the proceeds of the estate. Only then can they distribute the remaining assets. In doing this, an executor must follow the instructions in the Will.
Whether you are acting as an executor or administrator, your responsibilities are mostly the same. The following are steps that you should take:
An executor or administrator can seek advice from a lawyer about how to properly distribute an estate. This expense can be charged to the estate.
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In some cases, you may be unable or unwilling to take on the responsibility of acting as executor. Other commitments may prevent you from devoting the necessary time and attention to the administration of the estate. You are not required to act as executor if you do not wish to do so. You may simply sign a Renunciation of Probate form indicating that you are giving up the appointment as executor. This allows a person named as an alternate executor to apply to the court for Letters Probate. If no alternate executor was named, another person can apply to the court for Letters of Administration.
Any outstanding debts or liabilities must be dealt with before distributing an estate to beneficiaries. The person handling the estate can be held personally liable if they do not.
Beneficiaries receive the rest of the estate once all debts and liabilities have been dealt with. If there is a Will, property of the estate will be distributed according to the Will. If there is not a Will, the law sets out who receives the estate.
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