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To simplify paperwork, the executor can open a separate bank account that is designated to pay off existing debts. Then, the executor can move funds from the decedent’s bank accounts to the ...
Being the executor or administrator of the deceased’s estate, but only in states that require executors or administrators to pay off debt from property jointly owned by the surviving and ...
It’s the executor’s job to keep track of fees associated with probate and pay them out of estate assets. There is one exception, as executors who are required to purchase a probate bond must ...
The executor's duties also include handing over property to the beneficiaries as designated in the will, obtaining information of potential heirs, collecting and arranging for payment of debts of the estate and approving or disapproving creditors' claims.
Executor/executrix or personal representative [PR] – person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes in the will. In most cases, the testator will nominate an executor/PR in the will unless that person is unable or unwilling to serve.
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.
The order that your executor must follow varies depending on your state, but generally speaking, unsecured debt — including personal loans, private student loans and credit card debt — is the ...
Alamy Choosing an executor for your will may not feel quite as personal as picking a guardian for your kids, but you should think carefully about who to put in charge of your money after you're gone.