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First, the executor The role of executor is a big job. This is the person in charge of everything from filing the will with the court to paying off your debts, closing accounts and making sure your remaining assets are distributed as specified in your will. (Be aware that some asse...
Your will must appoint the initial trustee, but it should also provide for one or more successor trustees. Often, the executor who oversees the probate of the will is designated as the trustee, but this is not always the case. If you create a trust that comes into existence while you ar...
Estate taxes andinheritance taxesare often discussed together, but they are different: Inheritance tax is paid by a beneficiary, while estate tax is paid out of the deceased's estate before any remaining money, property or other assets are distributed. If you're the executor of an estate, you...
executor, this individual is responsible for distributing assets according to the deceased person’s will. They can be involved in an estate and work with the trustee, but they do not have a direct role in a trust. Occasionally, the trustee and the personal representative can be the same ...
: a successor to another's interest inpropertyespecially : a successor in ownership of a business that is carried on and controlled substantially as it was before the transfer. Is an executor a successor in interest? Successor in Interest meansthe Participant's executor or administrator, or suc...
An heir due to receive money or other assets can choose to decline the inheritance through the use ofan inheritance or estate waiver. The waiver is a legal document declining the rights to the inheritance. In such an instance, the executor of the will would then name a new beneficiary of ...
A bank usually cannot close a deceased account until the person’s estate has been settled and closed, typically throughprobate. The probate court will appoint an executor or administrator if one is not named in the deceased’s will or if the deceased didn't leave a will. This person will...
Who can be a disinterested person? “Disinterested person” means aperson who is not a related or subordinate partyas defined in section 672(c) of the Internal Revenue Code with respect to the person acting as trustee of the trust and excludes the trustor of the trust and any interested trus...
A digital executor can help ensure your loved ones inherit valuable online assets while protecting your privacy after death.