What is an Estate
Estate consists of all the property that a person owns or controls. The property might be in his or her own name, held in partnership, or jointly owned. Estate property also includes monies that would be generated upon the person’s death, for example, life insurance.
Who is an Executor
An executor is an appointed person responsible for carrying out the wishes of a deceased person. An executor must comply with various laws and rules that govern the administration of deceased estates.
What is the role of the Executor
The major role of the executor is to properly manage an estate within the terms of the will and protect the assets of the estate by distributing the estate properties to the rightful appointed beneficiaries.
The duties and responsibilities of an executor may include:
- Locating the will of the deceased.
- Applying to the court for a grant of probate of the last will and testament.
- Determining the right beneficiaries.
- Collecting assets.
- Making sure that all claims and debts are received, assessed, and paid off.
- Distributing assets according to the terms of the will.
- Defending litigation
What are Letters of Administration
Letters of Administration can be granted by a court or the probate registry to appoint the appropriate people to deal with a deceased person’s estate.
The property of the deceased will be distributed according to the laws of intestacy in force. In Fiji, the relevant law is the Succession, Probate, and Administration Act, Cap. 60.