Executor

Definition

An executor is a person designated in a will to manage and distribute the estate of the deceased. Their responsibilities typically include collecting and managing the assets, paying any debts and taxes, and distributing the remaining estate to the rightful beneficiaries as indicated in the will. The role of the executor is crucial in ensuring that the decedent’s last wishes are honored and legally executed.

Examples

Example 1: John writes a will and names his elder daughter, Emma, as the executor. Upon John’s death, Emma is responsible for administering the estate distribution, paying off any outstanding debts, and ensuring that the testamentary directives are followed.
Example 2: Abel specifies in his will that his attorney shall serve as its executor. The attorney, at the appropriate time, assures that Abel’s property is distributed according to the will.
Example 3: Lucy, who has no immediate family, names her best friend as the executor in her will. Her best friend takes on the responsibility of handling Lucy’s estate, following her instructions to the letter.

Frequently Asked Questions (FAQs)

Q1: What if the executor declines to execute the will?

A: If the named executor declines to take on the role or is unable to serve, a successor executor may be named in the will. If not, the court will appoint an administrator to take over the responsibilities.

Q2: Can an executor be a beneficiary?

A: Yes, an executor can also be a beneficiary of the will. There is no legal restriction preventing executors from being beneficiaries.

Q3: What qualifications are required to be an executor?

A: An executor typically must be an adult of sound mind. Some jurisdictions may have additional requirements or restrictions, such as residency requirements or not being a convicted felon.

Q4: How long does an executor’s duties last?

A: The duration of the executor’s duties can vary depending on the complexity of the estate. It can take anywhere from several months to a few years to complete all tasks.

Q5: Are executors compensated for their work?

A: Executors can be compensated for their efforts. The will may specify an amount or the state law will determine a reasonable fee.

Administrator: An individual appointed by a court to manage the estate of a deceased person who died without a will (intestate) or when the named executor is unable to serve.
Probate: The legal process through which a will is reviewed and validated by a court, and the executor is granted the authority to manage and distribute the estate.
Executrix: A female executor. While the term “executor” is gender-neutral, “executrix” is sometimes used to specify a female executor.
Intestate: A situation in which a person dies without having made a will, thereby necessitating the appointment of an administrator to handle the estate.

Online Resources

References

“The Executor’s Handbook: A Step-by-Step Guide to Settling an Estate for Executors, Administrators, and Beneficiaries” by Theodore E. Hughes and David Klein
“Probate and Settle an Estate in Massachusetts” from Editors of Nolo
Cornell Law School’s Legal Information Institute on Executors LII Executor Definition

Suggested Books for Further Studies

“The Executor’s Guide: Settling a Loved One’s Estate or Trust” by Mary Randolph J.D.
“The American Bar Association Guide to Wills & Estates” by the American Bar Association
“The Executor’s Guide: How to Administer an Estate Under a Will” by Linda D. Kirby

Real Estate Basics: Executor Fundamentals Quiz

### Who is typically named to manage and distribute the estate of a deceased person according to their will? - [x] Executor - [ ] Administrator - [ ] Beneficiary - [ ] Trustee > **Explanation:** An executor is the individual named in a will to manage and distribute the decedent's estate according to the terms specified in the will. ### Can an executor also be a beneficiary of the will? - [x] Yes, there are no legal restrictions against executors being beneficiaries. - [ ] No, executors cannot be beneficiaries. - [ ] Yes, but only if approved by a court. - [ ] No, only neutral third parties can be executors. > **Explanation:** Executors can also be beneficiaries, and it is not uncommon for a will to name a beneficiary as the executor to ensure that someone with a vested interest manages the estate. ### What happens if the named executor is unable to serve? - [ ] The will becomes invalid. - [x] A successor executor may be named according to the will, or the court will appoint an administrator. - [ ] The estate automatically goes to a trust. - [ ] None of the above. > **Explanation:** If a named executor is unable to serve, a successor executor named in the will may step up, or the court appoints an administrator to take over the estate’s management. ### Which of the following roles is involved in managing an estate when there is no named executor? - [ ] Testator - [ ] Trustor - [x] Administrator - [ ] Beneficiary > **Explanation:** When no executor is named, an administrator, appointed by the court, takes on the role of managing the estate of the deceased. ### What does the probate process involve? - [ ] Decorating the will - [ ] Disputing a will - [x] Validating the will in court and authorizing the executor to manage and distribute the estate - [ ] Transferring a property automatically > **Explanation:** The probate process involves the court validating the will and granting the executor the authority to manage and distribute the estate as per the will’s instructions. ### What is an executrix? - [ ] A male executor - [ ] Another term for a lawyer - [x] A female executor - [ ] An estate trustee > **Explanation:** An executrix is a term used to identify a female executor, although "executor" is gender-neutral and commonly used to refer to both male and female executors. ### Can an executor decline to serve after being named in the will? - [x] Yes, an executor can decline to serve. - [ ] No, serving as an executor is obligatory. - [ ] Yes, only after a court review. - [ ] No, unless disputed by beneficiaries. > **Explanation:** An executor can decline to serve after being named in the will, at which point a successor executor named in the will or an administrator appointed by the court may take over. ### How is an executor typically compensated? - [ ] By a flat fee set by state law - [ ] Only through gifts from beneficiaries - [x] Based on reasonable fees determined by the will or state law - [ ] Executorship is entirely unpaid > **Explanation:** Executors are often compensated through reasonable fees, which can be identified in the will or determined by state law. ### When does the role of an executor end? - [ ] After one year - [ ] When all debts are paid - [ ] Upon starting distribution of assets - [x] After all tasks of managing and distributing the estate have been completed > **Explanation:** The role of an executor ends after all debts are paid, assets are managed, and the estate distribution to beneficiaries is completed. ### In case of disputes regarding the execution of a will, who is responsible for resolving them? - [ ] Local government - [ ] The executor alone - [ ] State treasury - [x] Probate court > **Explanation:** The probate court resolves disputes regarding the execution of a will, ensuring that the terms of the will and the law are upheld.