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What is a Person appointed by a court as custodian of a party's assets called?
Receiver
Can the executor and alternate executor share duties?
Of course the alternate can volunteer to assist the court appointed executor in the fulfillment of her duties. However, the alternate has no legal power and will not be entitled to any compensation.
When are UDM appointment letters re-accomplished?
When a new UDM (Primary/Alternate) is appointed
Can the alternate on a trial take the place of someone?
An alternate juror will be appointed to the regular jury if one of the primary jurors falls ill and/or is excused by the judge from further attendance. If there is more than one alternate, the alternate juror chosen first will be assigned first.
The executor of an estate died. An alternate executrix was named in the will. Does the estate become part of the executor's estate?
No. The property is not a part of the estate of the executor.The court must be notified of the death and a successor must be appointed. The court will appoint the alternate as long as they are willing to serve.No. The property is not a part of the estate of the executor.The court must be notified of the death and a successor must be appointed. The court will appoint the alternate as long as they are willing to serve.No. The property is not a part of the estate of the executor.The court must be notified of the death and a successor must be appointed. The court will appoint the alternate as long as they are willing to serve.No. The property is not a part of the estate of the executor.The court must be notified of the death and a successor must be appointed. The court will appoint the alternate as long as they are willing to serve.
What is the difference between a guardian and a custodian?
A custodian is a person or institution that has charge of property, papers or other valuables. A guardian is a person who has the legal authority and duty to care for another's person or property either due to the other's infancy, incapacity or disability. A guardian may be appointed for all purposes or for a specific purpose.
What is the difference between a trustee and a custodian?
A custodian is always a person; one who has charge of something (a caretaker) of a minor child's estate or an absentee landlord's property. The custodian does not hold title to the property. A trustee is often an institution such as a bank, that holds legal title to a property in order to administer it for a beneficiary, or can be a member of a board elected or appointed to direct the funds and policy of an institution. [source: this information reprinted from Answers.Com]
What is the meaning of curator?
One who has the care and superintendence of anything, as of a museum; a custodian; a keeper., One appointed to act as guardian of the estate of a person not legally competent to manage it, or of an absentee; a trustee; a guardian.
Who is usually appointed executor of a will?
The will normally names an alternate executor who would take over if the first executor dies or declines the appointment. The alternate executor would petition the probate court for appointment. In the event there is no alternate named, or if that alternate does not want to or cannot be appointed, then one of the residuary legatees under the will may petition for appointment as "administrator cum testamento annexo" or "administrator with the will annexed". All of the residuary legatees have the right to be appointed, so they will all have to agree on a successor. No will shall fail as a results of the executor not being available. The court will appoint an attorney (at attorney rates!) or a bank to be the executor if no other interested person is available.
To whom must the COR submit their appointment letters for RC?
The Records Custodian (RC) is appointed via letter signed by the Chief of Reocrds (COR). It is provided to the Functional Area Records Manager (FARM) but addressed to the Base Records Manager.
Can a different person other than a legal guardian be appointed over a minor's estate?
A guardian is the legal entity appointed by the court to manage property for a minor. A guardian is sometimes referred to as the custodian of a child's estate.A custodian is also a term used by the Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) for the person named to manage property left or given to a child under the terms of either of those Acts. The custodian manages the property until the child reaches the age specified by state law -- 21, in most states. Then the child receives the property outright, and the custodian has no further role in its management. The Acts have been adopted by some states and allows an arrangement by which a donor can designate a custodian for a minor for managing gifts under a certain dollar amount ($13,000).
How does one decline being an executor of a will?
You file a Declination with the court and the alternate executor named in the will is next in line to be appointed. If there is no alternate executor named in the will or if the alternate cannot or will not serve as executor then the court will appoint one. "Residuary legatees" in most states have a prior right to be appointed over "family members" because the residuary legatees are the ones that have a stake in the outcome of the administration of the estate. A "family member" simply by being a family member, may not have an interest in the estate, such as where a child has been disinherited, and would most likely not qualify to be appointed. On the other hand, if all the interested parties to the will assent, any family member capable of serving or a non-related person or financial services company may be appointed such as an attorney, trust department of a bank, accountant, financial consultant, favorite uncle, etc. You should seek the advice of an attorney if the estate needs to be probated. The estate needs to be probated if there are any assets that were owned by the decedent.
