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.
Overview
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
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...
to the beneficiaries as designated in the will, obtaining information of potential
heir
Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Offic ...
s, collecting and arranging for payment of
debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...
s of the estate and approving or disapproving
creditor
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property ...
s' claims.
An executor will make sure
estate tax
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died.
International tax law distinguishes between an ...
es are calculated, necessary forms are filed, and . 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
Administrator or admin may refer to:
Job roles Computing and internet
* Database administrator, a person who is responsible for the environmental aspects of a database
* Forum administrator, one who oversees discussions on an Internet forum
* N ...
of the deceased's estate may instead be appointed. The generic term for executors or administrators is
personal representative. In
England and Wales
England and Wales () is one of the three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is En ...
, 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.
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.
[Executor Pay: Fees for the Executor or Administrator of an Estate](_blank)
duhaime.org retrieved 19 January 2012
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.
See also
*
Digital estate
*
Estate
*
Executorial trustee
*
Inheritance
Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Of ...
*
Literary executor
References
{{reflist
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.
Legal terminology
Legal professions
Insurance law legal terminology