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As an executor, you can be held liable if you make distributions too soon before taxes or creditors are paid. Adhere strictly to the timeline that the law enforces. Your lawyer can help you with this.
While these bonds are often confused with fidelity bonds, they are much different. A business service bond allows the bonded entity's client to claim on the surety bond when the client's property has been stolen by the bonded entity. However, the claim is only valid if the bonded entity's employee is convicted of the crime in a court of law.
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.
Where the executor dies intestate after probate without having completely administered the estate Where an administrator dies. In the first case the principle of administration cum testamento is followed, in the second that of general grants in the selection of the person to whom letters are granted.
The post Personal Representative vs. Executor: Key Differences appeared first on SmartReads by SmartAsset. Personal representatives are tasked with managing estates when people die, either ...
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 ...
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