Probate vs. Administration

When an individual passes away with a Will, it must be presented to the court to ensure its validity.  This court proceeding typically results in the appointment of a personal representative, known as an Executor.  The same process exists for those who pass away without a will.  In this event, the court appoints a personal representative, known as an Administrator.  The role of the Executor and Administrator are the same. It is the duty of the Executor or Administrator to handle all aspects of settling an estate ie. paying bills, selling real estate, filing tax returns, closing accounts, and distributing money to the correct individuals.  The process is time consuming and confusing.  You are in the midst of grieving a loved one and don't need more stress.  Let me help you.

Accounting

Typically, the Executor or Administrator is required to keep financial records of investments, moneys paid out of the estate, etc. and compile an accounting which is distributed to beneficiaries.  As the personal representative, it is important to retain detailed records to avoid conflicts in accounting.

Estate Administration

Finally, the court has appointed someone to handle the estate.  Now the process must begin to liquidate, reinvest, and distribute the money from the estate to beneficiaries.  It is important as a personal representative of the estate to attain proper receipts from beneficiaries for the money distributed.  Improper distribution or handling of funds can result in liability of the Executor or Administrator.