administrators
Definition
Administrators are people appointed by a court to manage and settle the estate of someone who died without leaving a valid will. They track down the deceased person's assets, pay off any outstanding debts, and then distribute what remains to the rightful heirs according to state law. Think of them as the court-approved cleanup crew for someone's financial affairs after death.
Example
If your business partner dies unexpectedly without a will, a court might appoint an administrator to sort out their share of the business and determine who legally inherits it.
Watch Out
If you die without a will, the court chooses the administrator for your estate, which means a stranger could end up making major decisions about your business.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.