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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 ...
Rhonda Griswold, a Cades Schutte law firm partner, joins producer/host Coralie Chun Matayoshi to discuss your fiduciary duties as an Executor or Trustee, things you need to do, notice and ...
Both living trusts and wills can also be used to plan for unforeseen circumstances such as incapacity or disability, by giving discretionary powers to the trustee or executor of the will. Negative aspects of using a living trust as opposed to a will and probate include upfront legal expenses, the expense of trust administration, and a lack of ...
As an executor of a will, your role becomes more complicated if you’re also a beneficiary. As both the executor and beneficiary, your judgment and ability to be fair can come into question.
An executorial trustee is someone who is appointed to be an executor (the person who carries out the directions set forth in a will) and also be a trustee of a testamentary trust created by the will. [ 1 ]
In common law jurisdictions, a personal representative or legal personal representative is a person appointed by a court to administer the estate of another person. If the estate being administered is that of a deceased person, the personal representative is either an executor if the deceased person left a will or an administrator of an intestate estate. [1]
An Executor Plays a Pivotal Role in the Estate Settlement Process. ... With a trust, a trustee is in charge of managing assets on behalf of the beneficiaries that you name.
An executor makes sure estate taxes are calculated, necessary forms are filed, and the corresponding payments are made. They also assist the attorney with the estate. Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to charity or ...