Within the context of wills and estates, there is no difference between an executor and personal representative. The term "personal representative" is merely a gender neutral appellation for "executor" or the feminine form, "executrix." An individual who is granted specific or general authority by...
If the deceased (called the “decedent” in legal settings) left a will, the probate court will validate the document and appoint an executor to distribute the decedent’s property to beneficiaries and pay the estate’s debts or taxes [0] American Bar Association. The Probate Process. View ...
The basic process for an executor is: Gather the full details of the estate’s assets and debts Apply for Grant of Probate (permission to administer the estate and pass out inheritance) Complete an inheritance tax return and pay any tax due You receive a Grant of Probate Repay any of the...
create financial plans, or manage a client’s investments. They may also be responsible for ensuring that a party’s taxes and other debts are paid, particularly if they’re serving as the executor of an estate. A fiduciary is also required to maintain complete and accurate records of transac...
As an attorney-in-fact, you may be contacted by creditors of the principal for debts owed; however, you are not financially liable. Nevertheless, the creditors do have the right to attempt to collect payment from the principal. Who is the best person to give power of attorney?
Each Owner (including the Registered Owner) shall be personally liable to contribute towards the Management Expenses whether or not his Unit or Units are vacant or occupied and whether or not such Unit or Units have been let or leased to a tenant or is occupied by the Owner himself or any...
Next of kin status establishes inheritance rights when a person dies intestate without an estate plan. While wills can simplify estate management and establish an executor to handle certain roles, not everyone has a will in place. Note:Establishing who is next of kin becomes complicated when multi...
An executor is the individual who carries out one's last will, ensuring that the stipulations and wishes of the deceased are carried out properly. Subject to probate court oversight, this will often include disbursing the estate's assets, paying any taxes due, and covering outstanding debts....
What Is the Difference Between an Administrator and an Executor? An administrator and an executor perform the same function: the handling of all remaining financial matters for a decedent duringprobate. The difference is that an administrator is appointed by the court if the decedent has not named...
In general, a probate court proceeding usually begins with the appointment of anadministratorto oversee the estate of the deceased. Theadministrator functions as an executor, receiving all legal claims against the estate and paying off the outstanding debts. ...