Administration of an Estate
Administration of an Estate can only proceed when the Grant of Probate issues from the High Court.
Receiving in the assets
When the Grant of ProbateAdministration issues from the High Court the Executor (s) or Administrator(s) are appointed by the High Court as the Legal Personal Representatives of the deceased. The Legal Personal Representative then assumes all the legal power of the deceased. The first step is to receive in all the assets of the Estate. This might mean withdrawing monies from the banks/financial institutions. Cashing in life assurance policies, selling property. There may be any number of outstanding assets which must be received in. If the deceased was a party to any litigation the Legal Personal Representative will step into the shoes of the deceased and continue the litigation.
Discharging debts of the Estate
The Legal Personal Representative has a legal duty to pay all the lawful debts of the deceased. The debts must be paid in full before any distribution to the Residue Legatee/Devisee can take place.