Business, Legal & Accounting Glossary
A person appointed by the court to manage and take charge of the assets and liabilities of a decedent who has died without making a valid will.
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.
When such a person is a male, he is called an administrator, while a woman is called an administratrix. An administrator c.t.a. (cum testamento annexo, Latin for “with the will annexed”) is appointed by the court where the testator had made an incomplete will without naming any executors or had named incapable persons, or where the executors named refuse to act. A public administrator is a public official designated by state law to perform the duties of administration for persons who have died intestate.
An executor differs from an administrator in that he or she is named in the decedent’s will to manage the estate. If an executor dies while performing these duties, a court will appoint an administrator de bonis non cum testamento annexo (Latin for “of the goods not (already) administered upon with the will annexed”) to complete the distribution of the decedent’s estate. This term is often abbreviated: administrator d.b.n.c.t.a.
pension plan administrator
charge and discharge statement
Canadian Securities Administrators (CSA)
North American Securities Administrators Association (NASAA)
pension plan administrator
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This glossary post was last updated: 26th October, 2021 | 0 Views.