Source: http://www.inhouselawyer.co.uk/wgd_question/how-is-the-estate-of-a-deceased-individual-administered-and-who-is-responsible-for-collecting-in-assets-paying-debts-and-distributing-to-beneficiaries/
Timestamp: 2018-10-18 21:00:32
Document Index: 575491067

Matched Legal Cases: ['§16', '§17', '§16', '§17', '§16', '§17']

How is the estate of a deceased individual administered and who is responsible for collecting in assets, paying debts, and distributing to beneficiaries? | The In-House Lawyer
The executor mentioned under the Will administers the estate of a deceased individual. In the event, he has died intestate or if the executor who has been mentioned in the Will is unable to assume the role of an executor for any reason whatsoever, then, the court appoints an administrator by granting a letter of administration. The executor or the administrator thereafter is responsible for collecting assets, paying debts and distributing the assets of the deceased to the beneficiaries.
Inheritors are individually in charge for administering their inherited portion in regards to collecting estate’s assets and paying estate’s debts on a pro rata basis [in accordance to their portion].
The testator may also appoint Executors to administer, on behalf of the inheritors, the estate including any business operations, collection of claims and distributions to beneficiaries.
Furthermore, the testator may set up an “inheritance trust” which should not be confused with trusts’ structures originating from the Anglo-Saxon model.
The Greek “inheritance trust” allows for a segment -or all- of the estate to be inherited by one individual [the inheritor] and thereafter -either at a certain moment in time or following a predetermined event- be passed on to the ultimate beneficiary-individual, the so-called “trustee”.
The Greek law “inheritance trust”, as such, serves the sole purpose of transferring certain property from the inheritor to the ultimate beneficiary-trustee, following which it seizes to exist.
The heirs automatically obtain possession of all assets, rights and claims of the deceased, subject to the obligation to pay all debts of the estate (‘saisine’). Transmission of the estate is therefore not subject to an administrative procedure (no probate).
If a testamentary executor is appointed in a will, he must ensure that the wishes of the deceased are executed. However, his rights are limited: in principle he does not have ‘saisine’, and cannot liquidate, nor divide the estate.
The estate will be administered by the deceased’s personal representatives who will be responsible for collecting in assets, paying debts and distributing property to that person’s heirs. The personal representatives will be the person’s executors if he or she has left a Will containing a valid appointment of executors who are willing and able to apply for grant of probate or, if not, his or her administrators (whose identity will be determined by the law). The latter would need to obtain a BVI grant of letters of administration before they proceed with the estate’s administration. The procedure for applying for a grant is set out in the Eastern Caribbean Supreme Court (Non-Contentious) Probate Rules 2017.
On the death of the testator, the Will must be proved by way of probate in the High Court. Generally, any claims made as to the validity of the Will or as to inadequate provision for family members must be made within six months of the Will being submitted to probate. Wills may dispose of all types of property capable of ownership, including overseas property. Wills commonly set up trusts which can operate for up to 80 years.
A Will can appoint a statutory trust company, or any person resident in or out of New Zealand as executor and trustee. The executor and trustee will be responsible for collecting assets, paying debts, and distributing to the beneficiaries.
If the deceased appointed an executor, the executor has sole possession of the assets of the estate and has extensive powers to manage and maintain them (he is competent to establish, collect and distribute the estate's assets). However, the ownership of the assets remains with the heirs.
If the deceased did not appoint an executor, the heirs are jointly responsible for the administration and distribution of the estate. The heirs can apply for the appointment of a public estate administrator, or the competent authorities can appoint such an administrator if they deem it to be necessary to safeguard the estate and its correct distribution.
17.1	The responsibility of administering the estate of a deceased individual falls on the personal representatives of the deceased. Where the deceased died having made a valid Will appointing executors, the personal representatives are those executors, who have the right to apply for a grant of probate, which will give them the right to deal with the deceased's assets. Where the deceased did not validly appoint executors who are able and willing to act, the personal representatives are the administrators, who are appointed under the intestacy rules (§16.2). Broadly, individuals who have an entitlement under the intestacy rules to assets of the deceased's estate have the right to apply for letters of administration, by which they will become administrators and gain the right to deal with the assets of the estate.
17.2	Where the deceased has left a valid Will governing the devolution of his estate, the personal representatives (§17.1) must distribute the assets of the estate in accordance with the terms of the Will. To the extent that the intestacy rules (§16.2) apply, the personal representatives must distribute the assets of the estate in accordance with those rules.
17.3	The administration of an estate proceeds broadly as follows. The personal representatives (§17.1) collect in the assets of the estate, pay all the debts and liabilities (including taxes), and then distribute the assets in accordance with the Will or intestacy rules (§16.2) (as applicable).
17.4	Personal liability of personal representatives (§17.1) is generally limited to the net value of the assets of the estate.