What It Means To Be A Third Party Administrator
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Understanding the Role of a Third Party Administrator
Introduction
A third party administrator steps in when there is no appointed executor in a will, if the executor is deceased, or if they are unable or unwilling to fulfill their responsibilities. In such cases, others may apply to the courts to manage the estate's assets and liabilities. Typically, this role is filled by beneficiaries of the estate or other interested parties.
Setting Up an Administrator
The process involves several key steps:
1. Verify Jurisdiction: Begin by checking the death certificate to determine jurisdiction, usually the county of the deceased's residence.
2. Examine the Will: Ensure the will is the original and final version. Check if an executor is named and capable of serving.
3. Identify the Administrator: Use the residuary clause to determine potential administrators.
4. Compile Kin and Assets: List all next-of-kin, including names, addresses, and ages. Also, list and value the deceased's assets to secure a surety bond.
Appointment of an administrator typically occurs after a ten-day grace period, which allows for kinship claims. The courts then issue a notice of appointment alongside the will, death certificate, and documentation explaining why the original executor cannot serve.
Responsibilities of an Administrator
To be legally recognized, an administrator must complete a surety bond, witnessed according to court procedures. Responsibilities include:
- Paying outstanding funeral expenses and any debts or taxes.
- Distributing estate proceeds as outlined in the will.
Once duties are fulfilled, administrators can request the courts to release the surety bond.
The Importance of a Third Party Administrator
A third party administrator plays a crucial role in the distribution and management of a deceased person's estate. Whether an attorney or assisted by one, they serve as temporary court officers, ensuring matters are handled efficiently. Their performance is secured by a surety bond, offering assurance to courts and families that responsibilities will be properly managed.
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