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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.
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.
Although a single document, the joint will is a separate distribution of property by each executor (signatory) and will be treated as such on admission to probate. Mutual wills are any two (or more) wills which are mutually binding, such that following the first death the survivor is constrained in the ability to dispose of the property by the ...
An Executor Plays a Pivotal Role in the Estate Settlement Process In estate planning, an executor is someone who is charged with settling the estate of a deceased person.
Banks, brokerages, and government agencies often require a certified copy of the letters before accepting the administrator's authority to collect the deceased person's assets." [ 1 ] If a deceased has a surviving spouse, this individual will have priority in receiving a letter of administration over others, including children; age alone does ...
A: Irrespective of whether the executor is paid for his or her work, the executor is held to high standards in many courts, and charges may be brought by beneficiaries if the executor spent estate ...