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"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 ...
The executor of a will plays a very important role in the process of closing a deceased individual's estate. Although many think of executors as simply the people who inform heirs of what they've ...
If you've been named executor of an estate, you carry the burden of a variety of duties and legal responsibilities, including filing and paying remaining local and federal taxes, assessing the ...
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.
Serving as the executor of a will can be a bigger time commitment than many people might expect. Not only do you need to oversee the transfer of assets to the proper beneficiaries, but you also ...
An executor will make sure estate taxes are calculated, necessary forms are filed, and the corresponding payments are made. They will also assist the attorney with the estate. 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 ...
Additionally, the executor must secure and manage all estate assets of the decedent during the period it takes to probate a will, which could be as little as a few months or as long as a year. 3 ...