This article relies largely or entirely on a single source. Relevant discussion may be found on the talk page. Please help improve this article by introducing citations to additional sources. Find sources: "Executor" – news · newspapers · books · scholar · JSTOR(March 2019)
This article's lead sectionmay be too short to adequately summarize the key points. Please consider expanding the lead to provide an accessible overview of all important aspects of the article.(January 2022)
An executor is someone who is responsible for executing, or following through on, an assigned task or duty. The feminine form, executrix, may sometimes be used.
An executor is a legal term referring to a person named by the maker of a will or nominated by the testator to carry out the instructions of the will. Typically, the executor is the person responsible for offering the will for probate, although it is not required that they fulfill this. The executor's duties also include disbursingproperty 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.
An executor will make sure estate taxes are calculated, necessary forms are filed, and tax payments are made[clarify]. They will also assist the attorney with the estate. Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to charity or other organizations. In most circumstances, the executor is the representative of the estate for all purposes, and has the ability to sue or be sued on behalf of the estate. The executor holds legal title to the estate property, but may not use the title or property for their own benefit, unless permitted by the terms of the will.
A person who deals with a deceased person's property without proper authority is known as an executor de son tort. Such a person's actions may subsequently be ratified by the lawful executors or administrators if the actions do not contradict the substantive provisions of the deceased's will or the rights of heirs at law.
When there is no will, a person is said to have died intestate—"without testimony." As a result, there is no tangible "testimony" to follow, and hence there can be no executor. If there is no will or the executors named in a will do not wish to act, an administrator of the deceased's estate may instead be appointed. The generic term for executors or administrators is personal representative. In England and Wales, when a person dies intestate in a nursing home, and has no family members who can be traced, those responsible for their care automatically become their executors.
Under Scottish law, a personal representative of any kind is referred to as an executor, using executor nominate to refer to an executor and executor dative to an administrator.
Any person designated as an executor may choose not to administer the estate. In the U.K., upon making that choice the designated person may execute a "power reserved" letter, which will allow the person to later act as executor if the person named on the Grant of Probate is removed or is no longer able to act.[1]
Executor pay
In some countries, such as the United States, an executor is automatically entitled to compensation for his or her services, although this amount varies dramatically by jurisdiction. Unless specifically set by the will, this compensation is often determined by what is considered ″reasonable″ for the effort involved, although in a number of jurisdictions, the amount is instead set as a percentage of the overall estate. For example, in California the executor is entitled to 4% of the first $100K of estate value, 3% of the next $100K, and so on. In other countries, such as the United Kingdom, the executor is not automatically entitled to compensation, although compensation can be directed within the will or on application to a court.[2]
Insurance policies
In recent years, custom "executors' insurance" policies have entered the marketplace. These are currently available in countries including Canada, England, and Wales. They are often taken up by non-professional executors—typically friends or family of the deceased—who may be worried about potentially making an error during the probate process and/or uncomfortable about exposing themselves to unlimited personal financial and legal liability. Many find such cover an attractive proposition as the vast majority of wills allow reasonable expenses, such as the cost of the policy, to be reclaimed from the deceased's estate.
^"Executor's Guide" (PDF). Alzheimer's Society. Retrieved 25 January 2021.
^Executor Pay: Fees for the Executor or Administrator of an Estate, duhaime.org retrieved 19 January 2012
External links
Executor of a will duties - A list of duties for a Will Executor (England & Wales only)
Executor Guide - Interactive guide for a Will Executor (United States & Canada only)
Canadian legislation and regulation (searchable by Province) governing executors of estates. Via CanLII.
January 11, 2023
executor, other, uses, disambiguation, confused, with, executioner, this, article, multiple, issues, please, help, improve, discuss, these, issues, talk, page, learn, when, remove, these, template, messages, examples, perspective, this, article, represent, wor. For other uses see Executor disambiguation Not to be confused with Executioner This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages The examples and perspective in this article may not represent a worldwide view of the subject You may improve this article discuss the issue on the talk page or create a new article as appropriate March 2019 Learn how and when to remove this template message This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Executor news newspapers books scholar JSTOR March 2019 Learn how and when to remove this template message This article relies largely or entirely on a single source Relevant discussion may be found on the talk page Please help improve this article by introducing citations to additional sources Find sources Executor news newspapers books scholar JSTOR March 2019 This article s lead section may be too short to adequately summarize the key points Please consider expanding the lead to provide an accessible overview of all important aspects of the article January 2022 Learn how and when to remove this template message An executor is someone who is responsible for executing or following through on an assigned task or duty The feminine form executrix may sometimes be used Contents 1 Overview 2 Executor pay 3 Insurance policies 4 See also 5 References 6 External linksOverview Edit Auguste Renoir Portrait of a Woman called of Mme Georges Hartmann gift from General Bourjat executor of Georges Hartmann Musee d Orsay An executor is a legal term referring to a person named by the maker of a will or nominated by the testator to carry out the instructions of the will Typically the executor is the person responsible for offering the will for probate although it is not required that they fulfill this The executor s duties also include disbursing 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 An executor will make sure estate taxes are calculated necessary forms are filed and tax payments are made clarify They will also assist the attorney with the estate Additionally the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests whether they be sent to charity or other organizations In most circumstances the executor is the representative of the estate for all purposes and has the ability to sue or be sued on behalf of the estate The executor holds legal title to the estate property but may not use the title or property for their own benefit unless permitted by the terms of the will A person who deals with a deceased person s property without proper authority is known as an executor de son tort Such a person s actions may subsequently be ratified by the lawful executors or administrators if the actions do not contradict the substantive provisions of the deceased s will or the rights of heirs at law When there is no will a person is said to have died intestate without testimony As a result there is no tangible testimony to follow and hence there can be no executor If there is no will or the executors named in a will do not wish to act an administrator of the deceased s estate may instead be appointed The generic term for executors or administrators is personal representative In England and Wales when a person dies intestate in a nursing home and has no family members who can be traced those responsible for their care automatically become their executors Under Scottish law a personal representative of any kind is referred to as an executor using executor nominate to refer to an executor and executor dative to an administrator Any person designated as an executor may choose not to administer the estate In the U K upon making that choice the designated person may execute a power reserved letter which will allow the person to later act as executor if the person named on the Grant of Probate is removed or is no longer able to act 1 Executor pay EditIn some countries such as the United States an executor is automatically entitled to compensation for his or her services although this amount varies dramatically by jurisdiction Unless specifically set by the will this compensation is often determined by what is considered reasonable for the effort involved although in a number of jurisdictions the amount is instead set as a percentage of the overall estate For example in California the executor is entitled to 4 of the first 100K of estate value 3 of the next 100K and so on In other countries such as the United Kingdom the executor is not automatically entitled to compensation although compensation can be directed within the will or on application to a court 2 Insurance policies EditIn recent years custom executors insurance policies have entered the marketplace These are currently available in countries including Canada England and Wales They are often taken up by non professional executors typically friends or family of the deceased who may be worried about potentially making an error during the probate process and or uncomfortable about exposing themselves to unlimited personal financial and legal liability Many find such cover an attractive proposition as the vast majority of wills allow reasonable expenses such as the cost of the policy to be reclaimed from the deceased s estate See also EditDigital estate Estate Executorial trustee Inheritance Literary executorReferences Edit Executor s Guide PDF Alzheimer s Society Retrieved 25 January 2021 Executor Pay Fees for the Executor or Administrator of an Estate duhaime org retrieved 19 January 2012External links EditExecutor of a will duties A list of duties for a Will Executor England amp Wales only Executor Guide Interactive guide for a Will Executor United States amp Canada only Canadian legislation and regulation searchable by Province governing executors of estates Via CanLII Retrieved from https en wikipedia org w index php title Executor amp oldid 1070432248, wikipedia, wiki, book, books, library,
