What It Means To Be A Third Party Administrator

| Total Words: 513

A third party administrator situation may arise when there is no executor appointed in a will for a deceased person, or if the executor has died, become physically or mentally incompetent, refused to carry out the duties of executor, or is in any other way unable to carry out the responsibilities of administrator of the estate in question. Other people can then make application to the courts to become the administrator of the estate and responsible for the assets and liabilities of the estate. This is usually one or more of the people who are named as beneficiaries of the estate, but may include other interested or affected parties.

The process for setting up an administrator usually takes the following steps: checking the death certificate to determine jurisdiction, this is normally the county in which the deceased resided, checking the will to make sure it is the original and final copy, determining if there is executor named in the will, and if they are living and willing to assume the duties of executor is in the will, determining the third party administrator by the residuary clause, listing all next-of-kin with names, addresses, and ages, listing all the assets...

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