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This estate is the sum total of assets, debts and property owned and owed by the decedent (a legal term for the person who died). ... Continue reading → The post Executor vs. Administrator: Key ...
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 ...
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 .
A law firm can perform most of the tasks associated with the estate administration, but the executor must make all final legal and financial decisions with the information provided by legal and ...
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.
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.
Administration durante absentia, when the executor or administrator is out of the jurisdiction for more than a year. Administration pendente lite, where there is a dispute as to the person entitled to probate or a general grant of letters the court appoints an administrator till the question has been decided.
An executor needs to be mature, capable of handling life events with a level head and have an honest heart. Choosing an executor is a vital part of the estate planning process | Dave Ramsey Skip ...
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