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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.
"A common adage in the industry is to name your enemy as your executor as a means of revenge," says John O. McManus, an estate attorney and founding principal of McManus & Associates in New York City.
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.
However, it can also be granted in cases where the chain of representation is broken. Such would happen, for example, when the executor of a will has obtained probate, but then dies intestate. (Normally, if the executor dies testate, the representation passes to the executor of the first executor's estate upon probate of the latter's own will.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping transfer taxes.
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• A notice of executor or notice of administration giving the requester access to digital assets; or • A court order issued in the United States that satisfies AOL's requirements. AOL will provide you the required language for the court order. You can request access to/transfer of ownership of an AOL account through this form.
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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