What happens if you die without having an executor of your estate?
Your executor (also called a personal representative) is the person you have named in your Will to distribute your estate assets to your beneficiaries and wrap up your estate. But who will distribute your assets and wraps up your estate if you die without a Will? This is called dying "intestate" and it means that an administrator must be appointed by the court to manage and distribute your assets to your heirs.
The appointment of an administrator is required by law for the estate of every intestate deceased person and also for every estate belonging to a deceased person who had made a Will but whose named executor is not willing or able to act.
The differences and similarities between the role of an executor and an administrator
The difference between an executor and an administrator is simply this: an executor is named by the testator of the Will and an administrator is a court-appointed person or entity for a deceased person who has no executor. An administrator can be a natural person or a company (such as a law firm or a trust company).
In many ways, the administrator's role is almost identical to that of an executor. Each of them has a fiduciary duty to the estate and the beneficiaries or heirs. In each case, they must (i) gather together all of the assets of the deceased person, (ii) determine the value of each asset, (iii) file the final tax return, (iv) pay the estate's debts, and (v) distribute the assets to the beneficiaries / heirs.
An administrator's scope of authority is restricted by the fact that they can only act in accordance with the law. In contrast, you can grant your executor extra powers in your Will, which may not be addressed by law. However, your executor cannot do anything illegal regardless of what you have stated in your Will.
The main difference between an executor and an administrator is simply control. It is your decision and completely at your discretion and control to name the person who acts as your executor. Whereas in the case of an administrator, it is the Probate Court who makes this decision.
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