Executor or Executors This person or persons are effectively the Trustee or Trustees of the Deceased Estate. As such, they control the assets held in the Estate on behalf of, and for the benefit of, the Beneficiaries. An Executor or Executors is or are appointed by the Deceased person in their Will.

What does a deceased estate mean?

The property and assets belonging to a person who has died, called their deceased estate, may include real estate, money in bank accounts, shares, and personal possessions. Some types of income can also form part of the deceased estate.

Who is entitled to half of a deceased spouses estate?

It is also important to remember that the surviving spouse of the deceased may have a claim against the deceased’s estate by virtue of the law governing the marriage or an antenuptial contract. Spouses who are married in community of property have a right in law to one half of the net value of the joint estate.

Who is responsible for dealing with the estate of a deceased person?

After someone dies, someone (called the deceased person’s ‘executor’ or ‘administrator’) must deal with their money and property (the deceased person’s ‘estate’). They need to pay the deceased person’s taxes and debts, and distribute his or her money and property to the people entitled to it.

What happens to my spouse’s estate if I Die?

If my spouse were to die, I’m legally entitled to elect against my spouse’s Estate and take a third of that Estate on top of my own money. The surviving spouse does has the right to inherit the unused portion of the deceased spouse’s unused estate tax exemption amount.

Who is entitled to the estate if there are no children?

If the deceased person was married, the surviving spouse usually gets the largest share. If there are no children, the surviving spouse often receives all the property. More distant relatives inherit only if there is no surviving spouse and if there are no children.