Have you ever thought about what will happen to your wealth after you die? Has it ever cross your mind as to who will be dealing with your assets and properties once you leave this world? If you’ve just thought about it and is now getting worried, we’d like to assume that you haven’t done your estate planning nor made a will to secure your fortune. You may be thinking that you will have your family members to take care of all that.
However, the problem is that not leaving any form of authorisation documents, your family or any person you’d like to handle your wealth won’t get the right to access them. Another issue is what if you don’t have a family. What if you were single all your life never got married, and you’re living all alone. What’s going to happen now? It may not be your top priority right now, but it’s never too late for you to know more about Williams legal deceased estates.
When you die, you must appoint someone to deal with your wealth and properties on your behalf. The person that will be given this task will be called either the ‘executor’ or the ‘administrator.’ He or she will be responsible for managing all of your assets, as well as liabilities. That means if you still have some payment or tax obligations to fulfil, they’ll need to pay for them as well using the money that you have left. This person will also be the one to distribute your assets accordingly to the rightful person that you will indicate in your will. Of course, that will depend on whether or not you created a will before your death. That’s what Williams Legal deceased estates are all about
Executor or Administrator?
You might be confused as to why there are two different titles for the person who will be left with your assets. The reason is that the title will depend on if you managed to do estate planning and create a will. So, while they may serve the same purpose, both executor and administrator are drawn from different situations. The person will be called the ‘executor’ when you managed to create a valid last will and testament appointing that person to handle all of your assets and liabilities.
Conversely, the person will be called an administrator, if you didn’t manage to write your last will and testament and your assets, are left for the local court to handle. The local court will also appoint this person. Once that happens, this person will have full authority to deal with your assets and liabilities. More likely than not, it will be an attorney.
That’s why you must create a will to make sure you know who will handle your assets and liabilities when your time on this world ends. That’s why getting to know Williams Legal deceased estates is crucial.