I'm trying to learn how to write my own will, and I just have no clue when it comes to the fancy lawyer jargon... sorry for sounding stupid.
2007-07-26 05:57:58 · 6 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
The executor is basically the person in charge of the will.
I am the executor of my father's estate, so when he dies, I will be responsible for putting funeral arrangements into play, dividing up his belongings as his will describes, settling his bank accounts/debts, things like that.
It obviously needs to be someone very close to you, that you know will be in your life for a long time. It needs to be someone you trust. Of course, this person must agree to do this, and you need to be sure they have access to the accounts necessary.
Good for you for thinking of doing this. Every adult should have a will.
2007-07-26 06:03:36 · answer #1 · answered by Wanderer 4 · 0⤊ 0⤋
The executor is the person who manages the estate of a person who dies testate (has a will). The executor is usually named by the testator within the will. Usually a will lists a number of potential executors in order of precedence so that if a choice is not available (e.g. death, does not want to do it), the next in line can move up. If no executor is named, the probate court can name one or, in some cases, change the executor. There is usually a statutory defined minimum fee for the executor that is a percentage of the estate. However, a will can award a higher fee.
If a person dies intestate, the estate is managed by an administrator appointed by the probate court.
2007-07-26 16:41:50 · answer #2 · answered by Bill G 2 · 0⤊ 0⤋
coragryph nailed it. Also, as an Executor/Executrix, you may "Hire" a qualified person such as an Attorney, or Private Trustee (Far less expensive) if you do not feel qualified for the job.
There are legal consequences on the Executor for errors, such as Probate costs, and Filing and paying Estate Taxes within 9 months.
Many Family issues may exist also, which can cause problems or hurt feelings.
A Private Trustee is used in Many cases.
Your local Bank will usually have a Trust Department who can help you if you do not feel qualified.
It all depends on the size and complexity of the Estate.
Good Luck.
P.S. You mentioned Estate, not a Will. That makes it more complicated. Get help.
2007-07-26 13:08:53 · answer #3 · answered by Ken C 6 · 1⤊ 0⤋
An executor or executrix is the person who administers your estate once you have passed on.
It's kind of like being a trustee of someones worldly possessions with the job of making sure that their wishes for the assets are carried out. They make sure that everyone gets what they're supposed to get.
2007-07-26 13:01:21 · answer #4 · answered by Jack 6 · 0⤊ 0⤋
The executor of the estate is the person (trustee) who is responsible for handling the assets (property) of the estate according to the terms of the will.
The probate court determines if the will is valid (in whole or in part).
If it is valid, the executor then handles distribution of the property and other assets according to those terms and instructions.
2007-07-26 13:02:45 · answer #5 · answered by coragryph 7 · 1⤊ 1⤋
An executor of a will is someone you ask and trust to execute your will as you have decreed it. It is a legal obligation and the person should be someone you´ve asked before you put it in your will.
2007-07-26 13:03:33 · answer #6 · answered by Mick 2 · 0⤊ 1⤋