What are the Rights and Duties of an Administrator/Executor?
Executors and Administrators have a fiduciary duty to act in good faith and in the best interests of the beneficiaries of the estate. This means that the executor / administrator must properly and promptly administer the estate and must not act in a way that benefits them at the expense of the beneficiaries.
A summary of the typical duties of an executor / administrator are listed below:
- Ensure that all estate assets are collected in;
- Paying all debts of the estate (from the deceased’s assets);
- Upholding the deceased’s wishes or promises (both inside and outside the Will);
- Upholding contractual obligations of the deceased;
- Initiating or defending legal proceedings on behalf of the deceased;
- Keeping proper accounts and receipts relating to all estate assets and debts;
- Maximising the value of the estate; and
- Distributing the estate to the correct beneficiaries.