Definition of 'Executor'
The executor is a key figure in the administration of a will. They have a number of important responsibilities, including:
* Collecting the assets of the estate.
* Paying the debts of the estate.
* Distributing the assets of the estate to the beneficiaries.
* Filing the final tax returns for the estate.
* Closing the estate.
The executor is also responsible for making sure that the wishes of the testator are carried out. This may involve making decisions about how to invest the estate's assets, how to manage the estate's property, and how to distribute the assets to the beneficiaries.
The executor is a fiduciary, which means that they have a duty to act in the best interests of the estate and the beneficiaries. They must be honest, impartial, and diligent in carrying out their duties.
If there is no executor named in the will, the court will appoint an administrator to carry out the instructions of the will. The administrator has the same responsibilities as an executor.
Choosing an executor is an important decision. The executor should be someone who is trustworthy, reliable, and has the time and expertise to carry out the responsibilities of the position.
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