Business, Legal & Accounting Glossary
n. the person appointed by the court to handle the estate of someone who died without a will, with a will but no nominated executor, or the executor named in the will has died, has been removed from the case or does not desire to serve. If there is a will but no available executor, the administrator is called an “administrator with will annexed.” The procedure is that if an estate must be probated (filed and approved by a court) then someone (usually a relative or close friend) petitions the court in the appropriate county (usually where the late lamented last lived) for appointment of a particular person as administrator. If an estate requires attention and no one has come forward to administer the estate, then the county Public Administrator may do so. In most cases state law requires that the administrator post a bond ordered by the court to protect the estate from mishandling or malfeasance. If the will includes real property in another state then the administrator or executor must find someone in the other state to handle the change of title and paying of local taxes, and that person is called an “ancillary administrator.
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This glossary post was last updated: 26th April, 2020 | 0 Views.