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Settling an estate after the death of a loved one can involve both legal and financial challenges. But having a well-organized settlement checklist can help streamline this process. Whether you ...
Continue reading ->The post A Checklist for an Executor of a Will appeared first on SmartAsset Blog. It can be hard to keep straight the various forms, procedures and duties. To make the process ...
"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.
An executor is a person appointed by a will to act on behalf of the estate of the will-maker (the "testator") upon his or her death. 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.
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.
In principle, all foreigners holding U.S. property are subject to the estate tax, even if they have never set foot in the U.S. and hold U.S. stocks directly only through a foreign brokerage account. In such cases, the estate should file Form 706-NA with the IRS within nine months of the date of death to be assured of avoiding penalties.
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