Distribution of Estate
Started by TEA ENG PENG
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TEA ENG PENG
An administrator or executor has 2 roles. One is the role as a personal representative of the estate; the other is that of a trustee. Both roles are distinct. A personal representative’s duty is to call in the assets of the deceased, pay off his debts and other liabilities, settle funeral and testamentary expenses and hold the distributable assets of the estate.
A trustee’s role is to hold and distribute the assets of the estate to the beneficiaries according to the terms of the will or the Intestate Succession Act. There are factors to be considered before the distribution of a deceased person’s estate.
0 points
TEA ENG PENG
An administrator or executor has 2 roles. One is the role as a personal representative of the estate; the other is that of a trustee. Both roles are distinct. A personal representative’s duty is to call in the assets of the deceased, pay off his debts and other liabilities, settle funeral and testamentary expenses and hold the distributable assets of the estate.
A trustee’s role is to hold and distribute the assets of the estate to the beneficiaries according to the terms of the will or the Intestate Succession Act. There are factors to be considered before the distribution of a deceased person’s estate.