Executor

The executor, in terms of estate planning, is the person specified in the will as the runner of a person's estate upon their death. A common and more easily understood term for this role is administrator. As a person creating a will, it is imperative that the person you select as executor is deserving of being in that position. If the executor is dishonest or incompetent, the distribution of property in the will can easily go amiss. In short, the executor's role is indispensable to the will. When the person dies, it is the executor's responsibility to first obtain the will. With the will in hand, they will need to determine whether or not, according to state law, they will need to go to probate court. Smaller sized estates, those with joint ownership, and those with living trusts may be able to bypass court proceedings. After the court proceedings are complete (or bypassed), which is another demanding process in itself, it is the executors responsibility to manage and distribute the estate, as well as pay estate taxes.

Fast Facts

  • the executor will be appointed by the court if none was named in the will
  • the executor of a will is often the trustee of a testamentary trust, but does not have to be

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