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The court reviews the application and if satisfied that the will is valid and that the executor is suitable, it will issue a certificate of appointment of estate trustee. The executor uses the certificate to gather and manage the deceased person's assets, pay any debts and taxes, and distribute the assets according to the instructions in the will.
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.
When probate is required, the executor of the estate must file papers with the local probate court, prove the will is valid and present the court with a list of assets and debts and a description ...
When there is no successor executor named in the decedent’s will, then the court will have to name one. If only one person has submitted a petition to become the executor, the job might go to them.
In this case the court will make the grant to the person, usually the residuary legatee, with the largest beneficial interest in the estate. Administration de bonis non administratis occurs in two cases: Where the executor dies intestate after probate without having completely administered the estate; Where an administrator dies.
An executor is a type of personal representative who’s specifically designated in someone’s will to carry out their final wishes and distribute their assets. A financial advisor can be […]
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.
The executor of a will has a fiduciary duty to act in the best interest of the estate. This means that the law prevents you from acting in your own interest to the detriment of the estate. As an ...
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