Executor
Overview
An executor is a person or entity appointed in a will to manage and distribute a deceased person's estate according to their final wishes. This role carries significant legal and financial responsibilities in the probate process.
Key Responsibilities of an Executor
1. Initial Duties
- Filing the will with the probate court
- Obtaining death certificates
- Notifying beneficiaries and creditors
- Securing the deceased's assets
2. Financial Management
- Creating an inventory of estate assets
- Managing bank accounts and investments
- Paying outstanding debts and taxes
- Maintaining accurate financial records
3. Property Administration
- Maintaining property until distribution
- Arranging appraisals when necessary
- Selling assets if required by the will
- Distributing assets to beneficiaries
Differences Between Similar Roles
Executor vs. Administrator
- Executor: Named in the will
- Administrator: Appointed by court when no will exists
Executor vs. Trustee
- Executor: Manages estate through probate
- Trustee: Manages trust assets outside probate
Frequently Asked Questions
Can an executor be a beneficiary?
Yes, an executor can also be a beneficiary of the will. This is common when the executor is a family member.
How long does an executor's role last?
The role typically lasts until the estate is fully settled, usually 6-18 months, depending on complexity.
Can an executor be removed?
Yes, an executor can be removed by the court for misconduct or inability to perform duties.
Is an executor paid?
Yes, executors are typically entitled to reasonable compensation, often set by state law or the will.
Summary
Understanding the role of an executor is crucial in estate planning. This position requires dedication, organization, and integrity to ensure the deceased's wishes are properly fulfilled. Choosing the right executor is a vital decision that can significantly impact the efficient administration of an estate.
Note: While an executor has significant responsibilities, they can and should seek professional legal and financial advice when needed.
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Related Terms
Here is a list of related terms that are relevant to the estate planning term "executor":
- Administrator
- Beneficiary
- Codicil
- Decedent
- Estate
- Fiduciary
- Inheritance
- Intestacy
- Probate
- Trust
- Trustee
- Will
- Wills and Trusts
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