0
An executor is the e person who is responsible for settling the details of a deceased person's estate. There can be a single executor or one or more people charged with this job. An executor can be related to the deceased person, can be a friend or a lawyer, accountant, or other professional. The main requirement is that the person chosen as executor be at least 18 years old and have not been convicted of a felony. If you have been named the executor of someone's estate, you have been given a job of great responsibility. Some of these responsibilities include: paying creditors and taxes on the estate, notifying social security and other agencies of the deceased death, canceling credit cards among other things, and distributing the assets left in the estate.
The executor of an estate has tremendous responsibility from small tasks to large ones. the executor of the deceased's estate must make sure all of the deceased's taxes and debts are paid, and then distribute what is left to the appropriate beneficiaries. The executor has a "fiduciary duty" to act in a manner of good faith and impartiality in making sure the wishes of the deceased are carried out to whatever extent possible
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What is the responsibility of an executor in a will?
An executor is the person (or people) who is/are responsible for settling the details of a deceased person's estate (ie debts, taxes, cost of the funeral arrangements and applying for a grant of probate) and after all the above are settled, distributing the residue of the estate as laid down in the will. The executor could charge a fee for doing this job and should keep good records of what has been done
Does the executor work for the beneficiary?
No, the executor works for the estate. The estate will pay the executor a reasonable fee. The beneficiary has limited direction that they can give the executor.
Who can be the executor of the estate?
Anyone that is of legal age can be an executor.
Can executor also be a beneficiary from will?
Yes. An executor may also be a beneficiary.
Can you benefit from the will if you are the executor?
Yes, nothing prohibits the executor from receiving part of the estate. In fact, it is more common than not for the executor to receive something, as for example, where a husband leaves his estate to his spouse and makes her his executor.
You did not know you were executor and do not want to do it?
You can decline the responsibility. The court will appoint another executor.
What if executor is physically ill and not able to handle the burden of executor?
They can decline the responsibility. The court will assign someone else to be executor.
Can executor sell car of deceased in Montana?
That is their responsibility.
Can you transfer executor of will?
An appointed executor can decline the responsibility. The court will appoint someone else to serve in that capacity.
Is it the legal responsibility of an executor to pay all debts of an estate from money in accounts and life insurance prior to settling will?
Yes, that is the executor's responsibility. He has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
What rights have as beneficiary in will when not the executor?
All the rights required. He or she does not need to be an executor to receive any bequest. It is the responsibility and legal duty of the executor to carry out the wishes of the deceased.
Is an executor held libel to fulfill the obligations of a will?
Yes, that is their responsibility.
Can your spouse be the executor of your Will in Canada?
It is very common for the spouse to be the executor of a will. They can always decline the responsibility and the court will appoint someone else.
Can an executor relenquish their rights and can another of the deceased children become executor?
Yes, an executor can turn down the responsibility. The court will appoint another person and would probably approve it without a second thought.
Does an executor have the right to repair the deceased property?
Yes. The proper maintenance of the decedent's property is the responsibility of the executor until the property has been sold or distributed. If repairs are needed the executor can make the decision to have them done.
Does wv law require an executor to secure real property until probate occures and the estate is settled?
That is the responsibility of the executor. They have to make sure that the assets are preserved.
Is the executor of the will responsible for debt in excess of value of estate?
No, the executor is not personally responsible. The estate has the responsibility to resolve the debts. If the assets are not adequate to resolve them, they have to be written off.
