Their repsonsiblity is to "divide" non-itemized assets or items to the heirs or inheritors.
Also to act as representative if the heirs decide to sell the home, or other assets.
A lot of it is sitting down and saying, OK, does anyone want this? If not, should we sell it, or donate it, or auction it? If you do, we'll put it in your "tally" and keep a running sum, so everyone can get the fair share of items we want.
2006-08-23 02:04:39
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answer #1
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answered by cirestan 6
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An executor of an estate is required to settle all the debts of the deceased, and then to disperse the remaining assets to the heirs, in accordance with the dictates of the deceased will. If a deceased does not leave a will, or name an executor, then the probate court of the municipality where the deceased lived, will name an executor, pay him from the assets of the estate, and dictate that he perform the functions. The probate court must approve all the disbursements. If a named executor does not perform his duties, he may be removed by order of the Probate Court. He can also be held liable for any disbursements that are questionable.
2006-08-23 09:37:21
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answer #2
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answered by Anonymous
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I don't think being an executor means you're legally required to do it, it just means you're the one with the authority as specified in the will. If the executor refused to do anything, I doubt he would get in legal trouble, unless someone else named in the will sued him. But instead, it would probably just get settled through probate court, which would take much longer and eat up money from the esate for court costs, lawyer fees, etc.
2006-08-23 14:59:36
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answer #3
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answered by rainfingers 4
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patrickmcc55's answer is exactly right. He stated it perfectly.
I would add that if you mean that the executor does not wish to serve as executor, the named executor of the will can sign a declination to serve, and have someone else appointed in his/her stead.
2006-08-26 01:09:23
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answer #4
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answered by Maisy 3
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