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This estate is the sum total of assets, debts and property owned and owed by the decedent (a legal term for the person who died). ... Continue reading → The post Executor vs. Administrator: Key ...
Administration cum testamento annexo, where the deceased has left a will but has appointed no executor to it, or the executor appointed has died or refuses to act. In this case the court will make the grant to the person, usually the residuary legatee, with the largest beneficial interest in the estate.
A law firm can perform most of the tasks associated with the estate administration, but the executor must make all final legal and financial decisions with the information provided by legal and ...
The post Personal Representative vs. Executor: Key Differences appeared first on SmartReads by SmartAsset. Personal representatives are tasked with managing estates when people die, either ...
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.
As a result, there is no tangible "testimony" to follow, and hence there can be no executor. If there is no will or the executors named in a will do not wish to act, an administrator of the deceased's estate can instead be appointed. The generic term for executors or administrators is personal representative.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .
An executor needs to be mature, capable of handling life events with a level head and have an honest heart. Choosing an executor is a vital part of the estate planning process | Dave Ramsey Skip ...
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