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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.
Some states require the executor to personally inventory and report the decedent’s assets within a certain time period, such as within 90 days from the date of death.
Where the executor dies intestate after probate without having completely administered the estate Where an administrator dies. In the first case the principle of administration cum testamento is followed, in the second that of general grants in the selection of the person to whom letters are granted.
Section 2032 provides an alternate method of determining the property's new basis. If the property is not disposed of within six months of the decedent's death, the executor may elect to use the property's fair market value six months after the date of death but only if such an election results in a decrease in the value of the gross estate. [2]
An executor is charged with overseeing the distribution of someone's assets according to the will or state inheritance laws if they die without a will. The deceased person's …
Dealing with the death of a loved one is stressful enough. But not knowing what to do with someone's finances after the person has passed away poses an additional burden on a grieving family.
No beneficiary or his/her spouse will be entitled to receive any devise, legacy, estate, interest, gift or appointment if the beneficiary or his/her spouse is the attesting witness to the will. Sound Mind. The testator must be of 'sound mind' ("testamentary capacity") as provided by Section 3 of the Wills Act 1959. [12]
3 ways to avoid complications and probate after you die. It can be tough to think about our own death. But taking action ahead of time can be a gift to your mourning family, who is left to pick up ...