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An Executor Plays a Pivotal Role in the Estate Settlement Process. ... The duties and responsibilities of an executor include: Creating an inventory of the deceased person’s estates.
The executor of a will has a fiduciary duty to act in the best interest of the estate. This means that the law prevents you from acting in your own interest to the detriment of the estate. As an ...
For example, in California the executor is entitled to 4% of the first $100K of estate value, 3% of the next $100K, and so on. In other countries, such as the United Kingdom, the executor is not automatically entitled to compensation, although compensation can be directed within the will or on application to a court. [2]
An executor is often one of the heirs, but being put “in charge” of the estate in this way doesn’t give them free reign over what happens to it. An executor’s role is to carry out your ...
An executor is a person appointed by a will to act on behalf of the estate of the will-maker (the "testator") upon his or her death. An executor is the legal personal representative of a deceased person's estate. The appointment of an executor only becomes effective after the death of the testator.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.