Question 1

What are the primary responsibilities involved in estate administration?

Accepted Answer

The primary responsibilities include communicating with beneficiaries, managing the estate’s assets, paying debts and taxes, and distributing the remaining assets according to the deceased’s wishes.

Question 2

Why is transparency important when communicating with beneficiaries?

Accepted Answer

Transparency helps build trust between the executor and beneficiaries, alleviates concerns about the administration process, and ensures that all parties are informed about the progress and decisions being made.

Question 3

What should I know about inheritance tax?

Accepted Answer

Inheritance tax is a tax that may be due on the estate of the deceased before the distribution of assets. It’s essential to understand the exemptions, rates, and potential liabilities that may apply to ensure compliance with tax obligations.

Question 4

How is the distribution of assets finalised in estate administration?

Accepted Answer

The distribution of assets is finalised after all debts and taxes have been paid, and it is done according to the deceased’s will or the laws of intestacy if there is no will. The executor must ensure that all beneficiaries receive their entitled share.

Question 5

What can happen if an executor fails to fulfil their responsibilities?

Accepted Answer

If an executor fails to fulfil their responsibilities, they may be held legally accountable, face claims from beneficiaries, or even be removed from their role. It is crucial for executors to act in good faith and in accordance with the law.