Understanding the role of a special administrator can be confusing. A special administrator is a legal representative, usually appointed by a court, whose job is to manage the affairs of a deceased individual, business, or trust in an orderly and timely manner. Their responsibility will depend on the circumstances, but it usually involves sorting out financial and other matters.
Who Are Special Administrators?
Special administrators are typically lawyers, accountants, or financial advisors with extensive legal and estate planning experience. In most cases, they are appointed to represent the interests of the deceased’s estate in the event that none of the family members are willing or able to do so, or in the event of a conflict of interest between family members. Many states have laws allowing the appointment of a special administrator in such situations.
What Does A Special Administrator Do?
A special administrator is responsible for determining the distribution of assets owned by the deceased, paying off any debts in full, and filing necessary paperwork with probate court. Depending on the circumstances, they may also be responsible for hiring professionals, such as appraisers, to determine the value of assets in the estate. In addition, special administrators may represent the interests of the deceased in court proceedings on behalf of the estate.
Examples of Special Administrators
In the event of a high-profile individual or celebrity’s death, a special administrator can be appointed to handle their estate. In addition, special administrators can be appointed in the event of mismanagement or fraud by other estate administrators. For example, a special administrator might be appointed in a case where a family member was serving as executor of the estate but was accused of embezzlement or financial misconduct.
Conclusion
A special administrator, the legal representative appointed by a court, is an important role in the estate planning process. Their role in settling the affairs of a deceased individual, business, or trust involves sorting out financial and other matters. Special administrators also represent the interests of the deceased when family members are unable to do so, or in the event of mismanagement or fraud. By understanding what a special administrator is and what their role entails, you can ensure your estate is handled in a orderly and timely manner.