Has it ever crossed your mind about who will be handling your assets and properties after you leave this world? If you’re thinking about it and is generally worried, we’d assume you haven’t done your estate planning just yet. You also haven’t made your Will, which is an essential document for when you pass away and leave your family and properties behind. You may think that your family can take care of that themselves. But without any legal documents that state their authorisation of your assets, they won’t be given the right to take hold of your assets. What’s worse is that you die without having a family. You never got married, and you’re living alone. That’s another complicated matter. So, while it may be among your to-do list right now, we want to urge you to start getting familiar with Williams Legal deceased estates.
If you don’t have a family to leave your assets and properties when you die, deceased estates are something that you need to settle with right away. In this article, we’re going to discuss what deceased estates are and it’s essential to this type of case.
When you die, you must assign someone to deal with your assets and properties. The person you choose for the task will either be called the administrator of the executor. He or she will be responsible for managing and controlling all of your properties, money, and even your liabilities. That means if you still have payments need to be made – like your tax – they will pay them on your behalf using the money that you left behind. This person will also be the one to distribute your assets and properties according to whom you will give them to. But keep in mind that it will depend on whether or not you already have a will.
Administrator or Executor
You may be wondering why the person who will handle your assets can be called two things. That’s because it depends on the situation. Mostly, both administrator and executor are the same; but they are brought from different circumstances.
Executor: the person will be called executor when you managed to create a valid and legal will.
Administrator: if you weren’t able to create a will; the person who will be appointed by the local court instead, will be called the administrator.
What this implies is that if you’re looking to secure Williams Legal deceased estates, you must create a will. That way, you will know who will be managing your assets and properties when you die. Learn more about deceased estates by clicking this link.