Estate Administration

Administrator's Deed
An Administrator's Deed is a legal document used to convey the property of a deceased person who died without a will, a situation known as intestacy.
Executor
An executor is a person appointed in a will to administer the estate of a deceased person, ensuring that assets are distributed and liabilities are paid as per the instructions in the will.
Executor (Executrix)
An Executor (male) or Executrix (female) is a person designated to carry out the wishes expressed in a Will regarding the administration of an Estate and the distribution of the assets.
Gross Estate
Gross estate refers to the total value of a person's assets before liabilities such as debts and taxes are deducted. It includes all types of property and accounts that the deceased owned or had an interest in.
Official Receiver
An Official Receiver (OR) is an officer of the court, appointed to manage the estates of insolvent companies or bankrupt individuals. They are responsible for administering the insolvency processes, including the realization and distribution of assets.
Probate
Probate is the legal process by which a will is proved valid or invalid, encompassing all procedures necessary to authenticate the document and administer the estate of the deceased.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.