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Goods Administered: A Comprehensive Guide to Legal Definitions and Responsibilities
Definition & Meaning
The term "goods administered" refers to the personal property, including goods, chattels, and credits, that a deceased person owned. This property may have been changed, altered, or converted by the executor or administrator before a formal administrator de bonis non is appointed. In simpler terms, it encompasses the assets that have been managed or modified by the person responsible for handling the deceased's estate prior to the official appointment of an administrator who will oversee the remaining assets.
Table of content
Legal Use & context
Goods administered are primarily relevant in the context of estate administration and probate law. This term is used when discussing the responsibilities of an executor or administrator in managing a deceased person's estate. Understanding this term is crucial for individuals involved in estate planning, probate proceedings, or those acting as executors. Users can benefit from legal templates available through US Legal Forms to help navigate these processes effectively.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: If a deceased person owned a car and the executor sold it before an official administrator was appointed, the sale would be considered goods administered. The executor would then be responsible for ensuring that the proceeds are used to pay the deceased's debts.
Example 2: A deceased individual had a bank account that the executor accessed to pay funeral expenses. This action would also fall under goods administered, as it involves managing the decedent's assets prior to formal administration. (hypothetical example)
State-by-state differences
Examples of state differences (not exhaustive)
State
Key Differences
California
Requires formal accounting for goods administered.
Florida
Allows for a simplified process for small estates.
New York
Imposes stricter liability on executors for mismanagement.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Administrator
A person appointed to manage the estate of a deceased person.
Focuses on the management role rather than the specific actions taken with goods.
Executor
A person designated in a will to carry out the terms of that will.
Executor is often appointed before an administrator, specifically for managing the estate as per the will.
Administrator de bonis non
An administrator appointed to manage assets not administered by a previous executor.
Focuses on the assets that remain after initial administration, unlike goods administered which refers to actions taken before such an appointment.
Common misunderstandings
What to do if this term applies to you
If you find yourself in a situation involving goods administered, consider the following steps:
Consult with a legal professional to understand your responsibilities and liabilities.
Gather documentation related to the goods administered, including sales receipts and records of changes made.
Explore US Legal Forms for templates that can assist you in managing the estate effectively.
If the situation is complex, seek professional legal help to ensure compliance with all legal requirements.
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