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"A common adage in the industry is to name your enemy as your executor as a means of revenge," says John O. McManus, an estate attorney and founding principal of McManus & Associates in New York City.
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Additionally, the executor must secure and manage all estate assets of the decedent during the period it takes to probate a will, which could be as little as a few months or as long as a year. 3 ...
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. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly.
In the United States, the common law rule has been abolished by statute in Alaska, Idaho, New Jersey, Pennsylvania, [22] Kentucky, [23] Rhode Island, [24] and South Dakota. [ 25 ] A new US Uniform Statutory Rule Against Perpetuities was published in 1986 that adopts the wait-and-see approach with a flat waiting period of 90 years in place of ...
In 2014, four states increased their exemption amounts: Minnesota (phased up to $2 million for 2018 deaths), Rhode Island ($1.5 million for 2015 deaths), and Maryland and New York (both phased their exemptions up to the federal amount for 2019 deaths). Top rates range from 12 percent to 19 percent with most states, like Minnesota, imposing a ...