The executor must also draw up a detailed list of all assets and debts that were part of the estate at the time of death. Assets must be secured and maintained, and debts must be paid out of the estate. When a person dies without a will (“intestate”), the person responsible for the estate during the legal succession process – the state law that determines how the assets of a deceased intestate person are distributed – is called an “administrator”, which can be considered a synonym for “executor” in this article. Your Aunt Lillian just called you to ask if you will act as executor for her estate after her death. You are honoured that she considered you for this important responsibility, but you also know that there are risks in becoming an executor or administrator. Many people choose their surviving spouse as executor because this person usually has the greatest knowledge of their financial affairs as well as the family situation. Some people appoint multiple people to act as co-executors to ensure that the estate is treated fairly and honestly. Often, those who make a will choose a professional such as a lawyer or trust company to act as co-executor and help resolve complex estate issues. Most states require an executor to submit an inventory of the deceased`s assets to be included in the estate. The executor must also maintain and protect the property until it can be distributed or sold.
While it`s an honor to be selected as an executor, executing a will requires more work than you might think. A person who has been commissioned by a testator to carry out the instructions and requests contained in his will and to dispose of the property after his death in accordance with his testamentary dispositions. Scott vs. Guernsey, 60 Barb. (N.Y.) 175; In re Lamb`s Estate, 122 Mich. 239, SO N. W. 1081; Compton v. McMahan, 19 months App.
505. The person to whom another person entrusts the execution of this will by his will. 2 Bl. Comm. 503.A person to whom a testator entrusts the execution or promulgation of this document and its codes by means of his will. Fonbl. 307.Executors are classified according to the following methods:They are either general or specific. The first term refers to an executor who must administer the entire estate, wherever it is located, and administer it until a final settlement is reached; whereas a special executor is only empowered by the will to take over a limited part of the estate or a part that may be in one place or to continue administration only up to a prescribed point. They are introduced or replaced. A designated executor is a person appointed by the testator without any conditions; while a replaced executor is the appointee who fills the position in the event that the first candidate refuses to act. In the phraseology of canon law, they are of the following types: Executor d. lege constitutus, executor appointed by law; The Ordinary of the diocese.
Executor ab episcopo constitutus ou executor dativus, an executor appointed by the bishop; an administrator for an Intestate. Executor & testatore constitutus, an executor appointed by a testator. Also known as “executor tcstamentarius”; the executor. An executor is a person who, although not directly the executor, is responsible for tasks relating to the estate that can only be performed by the executor. The testator is also advised to appoint another executor in the event that the appointed executor is unable or refuses to serve. A testator may change an executor as long as the change is duly recorded in the will. The main functions of an executor vary depending on the law of the state and the complexity of each estate, but they generally include the following: An executor can be defined as a person (or institution) appointed by a person to execute the terms of that person`s will after their death. The authority of an executor or administrator does not cease until the estate has been fully administered or the executor has died, resigned, suspended or revoked.