An executor is the legal representative appointed to manage and distribute a deceased person’s estate according to the instructions in their will. Named by the deceased person (the testator) or appointed by a court, the executor acts as a fiduciary. This means they are legally obligated to act honestly and in the absolute best interests of the estate and its beneficiaries. Core Responsibilities
The process of settling an estate can be time-consuming and involves several structured legal and financial steps:
Initiating Probate: Submitting the will to a probate court to legally validate the document and confirm the executor’s official appointment.
Asset Inventory: Locating, securing, and valuing all assets, including bank accounts, real estate, investments, and personal property.
Paying Liabilities: Using estate funds to settle outstanding debts, funeral expenses, utility bills, and required taxes before any inheritances are paid out.
Asset Distribution: Transferring the remaining property and financial holdings to the correct beneficiaries exactly as specified in the will. Key Rules and Limitations What Is an Executor? Duties and Role in Estate Planning
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