Glossary: Executor

An executor (or executrix) of an estate is a person appointed to administer the estate of a deceased individual. The executor’s primary responsibility is to perform the guidelines to manage the affairs and wishes of the deceased person’s estate. The executor is appointed either by the testator of the will (the individual who makes the will) or by a court, in cases wherein there was no prior designation.

The executor is accountable for making sure all assets in the will are accounted for, in addition to passing on these properties to the correct individial(s) (individuals). The estate can include monetary holdings, such as stocks, bonds, or cash market investments; property; direct financial investments; or even antiques like are. The executor has to approximate the worth of the estate by utilizing either the date of death value or the alternative assessment date, as supplied in the IRS Code (IRC).

Sponsored Ad

The executor likewise needs to make sure that all the financial obligations of the deceased are paid off, consisting of any taxes. The executor is legally bound to fulfill the intentions of the departed and act on the best interest of the deceased. The executor can be practically anybody however is usually a attorney, family member or accounting professional member, with the only limitation being that he or she needs to be over the age of 18 and have no prior felony convictions.

0/5 (0 Reviews)
« Back to Glossary Index