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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.
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.
Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to charity or other organizations. In most circumstances, the executor is the representative of the estate for all purposes, and has the ability to sue or be sued on behalf of the estate.
An Executor Plays a Pivotal Role in the Estate Settlement Process In estate planning, an executor is someone who is charged with settling the estate of a deceased person.
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 ...
If there is a will, an executor of the state should be named. In the event that there is no will, a family member will typically become the estate administrator. In both cases, the bank account is ...
Signed July 7, 2002, it names Branca and accountant John McClain as executors; they were confirmed as such by a Los Angeles judge on July 6, 2009. [1] All assets are given to the (pre-existing) Michael Jackson Family Trust (amended March 22, 2002), [2] the details of which have not been made public.
If the children are under 18, or under some other age mentioned in the will (21 and 25 are common), a trust must come into existence until the 'contingency age' is reached. The executor of the will is (usually) the trustee and the children are the beneficiaries. The trustee will have authority to assist the beneficiaries during their minority. [29]
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