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The executor of a will is typically paid at least a nominal fee. Executor fees are mandated by state law unless the decedent specifies in the will how much the executor should be paid. In that ...
As an executor, you can be held liable if you make distributions too soon before taxes or creditors are paid. Adhere strictly to the timeline that the law enforces. Your lawyer can help you with this.
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An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
Proponents of the estate tax argue that it serves to prevent the perpetuation of wealth, free of tax, in wealthy families and that it is necessary to a system of progressive taxation. [65] A driving force behind support for the estate tax is the concept of equal opportunity as a basis for the social contract. This viewpoint highlights the ...
Register of Wills is an elected position in jurisdictions such as Maryland. The Registrar and staff administer the local Probate Court, typically for a given county , acting partly as public customer service and partly as clerks for the probate judge (who may or may not be elected).
The executor of your estate didn’t properly follow your state’s laws around prioritizing creditor payments. In this case, the executor could be responsible for some of your debts.
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