The Executor is authorised to dispose of property, pay beneficiaries named in the Will, and carry out other duties related to estate management. The person chosen must be reliable, trustworthy, and skilled at managing complex administrative processes.
Even though the Will
gives the Executor the power to administer the estate and the appointment takes
effect immediately upon death, being an Executor is not always sufficient.
Without initially obtaining a probate
letters of administration, the majority of financial institutions won't
instantly provide the executor of a will access to financial accounts. Various
banks will have varying standards and thresholds for releasing funds. The Grant
of Probate is essentially a legal declaration that the Will is valid and has
been filed with the Court.
The executors of the
estate are specifically named in the Grant of Probate when it is given.
Financial companies require this information to make sure that money is only
sent to people with the proper authorization to handle the estate.
Grant of Probate and
Letters of Administration
Letters of administration
are often granted to those who qualify under the laws of intestate succession
or to their guardians if they are minor children when someone passes away
without a Will. It is merely a court-issued grant of administration that
designates a certain person as the estate's administrator.
What does a letter of
administration serve?
If the decedent died
without leaving a will, the estate is not being managed by anyone. The Court
may choose not to handle the decedent's interests under specific circumstances.
Family members are responsible for petitioning the Court for Letters of
Administration, which give them the legal authority to, among other things,
close bank accounts and transfer funds.