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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.
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
An executor is a legal term referring to a person named by the maker of a will or nominated by the testator to carry out the instructions of the will. Typically, the executor is the person responsible for offering the will for probate, although it is not required that they fulfill this.
The executor of the will is granted the authority to process the decedent’s estate, distribute assets and settle debts. With a trust, an executor can simply follow the directions of the trust ...
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 ...
Talk to a trust lawyer in your state, financial adviser or other legal/finance professional before making any decisions related to probate protection or trusts of any kind. What to read next
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.
An executor named in the person’s will ensures the bills get paid out of the estate. If the deceased person does not have a will, the courts may appoint someone else to do the job.
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