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In estate planning, an executor is someone who is charged with settling the estate of a deceased person. When someone writes a will , they can name a person of their choosing to act as executor.
The executor must provide an inventory of the assets and liabilities of the estate and file it with the court and distribute the assets to the beneficiaries according to the Will. The executor must also file an estate information return with the Ministry of Finance within 90 days of being issued the certificate of appointment of estate trustee.
Tadeusz Kościuszko (1746–1817), a prominent figure in the history of the Polish–Lithuanian Commonwealth and the American Revolution, made several wills, notably one in 1798 stipulating that the proceeds of his American estate be spent on freeing and educating African-American slaves, including those of his friend Thomas Jefferson whom he named as the will's executor.
Executor/executrix or personal representative [PR] – person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes in the will. In most cases, the testator will nominate an executor/PR in the will unless that person is unable or unwilling to serve.
Being the executor or administrator of the deceased’s estate, but only in states that require executors or administrators to pay off debt from property jointly owned by the surviving and ...
The post Personal Representative vs. Executor: Key Differences appeared first on SmartReads by SmartAsset. Personal representatives are tasked with managing estates when people die, either ...
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