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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 ...
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 ...
The executor holds legal title to the estate property, but may not use the title or property for their own benefit, unless permitted by the terms of the will. A person who deals with a deceased person's property without proper authority is known as an executor de son tort .
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 ...
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.
Depending on the jurisdiction, estate sales run by professional firms may be required to obtain a permit for the sale (as may also be required to conduct a garage sale) and to collect sales tax on the items sold (or otherwise determine the tax-exempt status of a buyer), and may also be limited as to advertising (for example, on the number and ...
As: Being the executor of an estate can eat up a few hours a week during the beginning and end of the administration, with less time required during the longer middle period. If the decedent had ...
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.
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