An estate or trust of which you are a beneficiary will be managed by a fiduciary. Fiduciaries are those that manage things on behalf of another, and popular types of fiduciaries include trustees, executors, administrators, conservators, and guardians. While the different words for fiduciaries all imply different situations in which one person must represent another, they all have similar legal obligations. When it comes to estates and trusts, two popular and often interchangeably used terms are executors and administrators of an estate.
The attorneys at Gaslowitz Frankel LLC are leading trust and estate litigation attorneys in the state of Georgia. Whether an estate has been managed by an executor or an administrator, if you suspect that a fiduciary has mismanaged an estate, seek out a trusted attorney like the ones at Gaslowitz Frankel LLC.
Read more to learn about the different types of fiduciaries that may manage your estate.
What is the Difference Between Executorship & Administration of an Estate?
Executors and administrators are both fiduciaries that manage estates for the benefit of beneficiaries. The key difference is that linguistically, the words refer to the different ways in which the fiduciaries are appointed.
An executor refers to the person or entity that was nominated by the person executing the will – the testator- to serve in that role. The will itself gives the nomination. An executor might be one or more individuals, such as the testator’s trusted friends or relatives (if more than one person is nominated, they are “co-executors”) . The executor might also be an entity, such as a bank’s trust department, or someone who serves as a professional fiduciary.
If a decedent dies without a will, they are said to have died intestate. An intestate estate must still be managed by a fiduciary, even if the decedent did not nominate one. In this circumstance, the court appoints a fiduciary, known as an administrator.
What are the Duties of an Executor or an Administrator?
Regardless of how a person or entity is tasked with managing an estate, they must fulfill the same fiduciary obligations to both the estate and the beneficiaries. They have a duty to gather and preserve and protect all estate assets. They are legally obligated to manage the estate in the best interests of those that they serve, being the beneficiaries of the estate. These duties include gathering estate assets, paying estate debts, avoiding self-dealing, locating and communicating with all heirs and beneficiaries, and providing an accurate accounting of all receipts and disbursement of the estate.
In an ideal situation, the executor or administrator will behave in the best interest of the estate, heirs, and beneficiaries, and administer the estate without a hiccup. However, both executors and administrators, private and professional, sometimes engage in intentional or inadvertent misconduct or otherwise breach their fiduciary duties. If you are a beneficiary of an estate and believe that the executor or administrator has mishandled the estate, consulting a fiduciary litigator is your best course of action.
About Gaslowitz Frankel LLC
We have the compassion and experience to guide heirs and beneficiaries toward understanding their unique situation and making the best decisions that optimize their outcomes. Our team has the expertise to address concerns that heirs and beneficiaries have during the litigation process, including the desire to honor the deceased, avoid or minimize the time in court, alleviate stress, and make the best decisions for themselves and their families. Gaslowitz Frankel LLC has the passion and authority required to deliver clients with their ideal outcomes.
Fill out our contact form for a free consultation.
