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Estate Planning - What is a succession representative and what are their duties?

I am often asked what the terms Executor, Executrix, Administrator, Administratrix mean. They are all basically one category: succession representative. A succession representative is responsible for gathering all pertinent information for a deceased person's estate. This includes any debts or liabilities and any property or assets. Once all of the information has been gathered, the succession representative is then responsible for paying any debts or liabilities. Whatever property or assets remain after the debts and liabilities have been paid are then distributed among the intended beneficiaries. Once the succession representative has paid all debts/liabilities and distributed all assets/property, the estate can and should be closed.

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