This essay focuses on the estate of a deceased person. concepts learned in week 3rd lessons by responding to discussion question.
Administrator: 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. An administrator 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.
Beneficiary: Is a person who inherits the properties of the deceased under a Will. In a broad definition for any person or entity (like a charity) who is to receive assets or profits from an estate, a trust, an insurance policy or any instrument in which there is distribution.
Contentious: This relates to a cause or
Estate: An estate is the net worth of a person at any point in time alive or dead. It is the sum of a person’s assets, legal rights, interests and entitlements. It is to property of any kind less all liabilities at that time.
Executor/Executrix: A person who administers the estate of a deceased person. The executor (if male) or executrix (if female) is responsible for. It is gathering all of the deceased’s assets and giving them to the appropriate beneficiaries. He/she is often a family member or lawyer. It is who is either appointed in the deceased’s will or by a court. The executor/executrix has a fiduciary responsibility to act on behalf. Thereof the deceased and to fulfill, as closely as possible, the wishes set forth in the will.
Grant of probate: authorization by a court for the executor of an estate to begin to administer the assets of a deceased person. This contrasts with a grant. It is of administration, which is a similar authorization given to a person if the deceased dies without a Will.
Intestate succession: When a person dies without leaving or writing a valid and Enforceable Will.
firstly, be sure
secondly, be keen
thirdly, be cautious
Further, be keen
further, be straight