What Is Required of an Executor? - ElderLawAnswers As an executor of an estate, you may be liable to the estate or those who will inherit the deceased’s assets The executor is either named in the will or, if there is no will, appointed by the court Even if the will names you as executor, you do not necessarily have to accept the position Estate Administration: The Duties of the Executor
Does an Executor Have to Provide All the Bank Statements? As an executor of an estate, you have certain legal responsibilities to the beneficiaries, including providing them with information about the estate’s finances However, the extent of this information can vary depending on the laws of your state and the terms of the will
Estate Planning: 3 Things to Know About Being an Executor - ElderLawAnswers An executor is a person or entity you choose to carry out your last wishes outlined in your will Your executor should be someone you trust is responsible enough to manage your estate after you pass away Choosing an executor is a big decision when it comes to estate planning So, what should I know about an executor?
Estate Planning Basics: What Is an Executrix? - ElderLawAnswers Executor vs Executrix An executrix is a female executor Trix is a Latin suffix designating a female agent, whereas the Latin suffix tor identifies a male actor, per Collins Dictionary We see trix and tor in many other legal terms: For example, a male who makes a will is a testator, whereas a female is a testatrix
The Basics of Estate Administration - ElderLawAnswers But once the executor understands the estate and the likely claims, he or she can distribute most of the assets, retaining a reserve for unanticipated claims and the costs of closing out the estate Filing a final account The executor must file an account with the probate court listing any income to the estate since the date of death and all
Appointing an Executor? Heres What an Executor Cannot Do - ElderLawAnswers In some states, the executor must not have a felony conviction There can also be other state-specific rules to qualify as an executor Assuming these rules are met, the executor may then begin to manage the estate affairs The goal is to wrap up the estate in an orderly manner Their responsibilities may include:
A Brief Overview of a Trustees Duties - ElderLawAnswers In short, acting as trustee gives you a wonderful opportunity to provide a great service to the trust's beneficiaries The work can be very gratifying Just keep an eye on the responsibilities described above to make sure everything is in order so no one has grounds to question your actions at a later date
The Ins and Outs of Guardianship and Conservatorship - ElderLawAnswers The guardian can be authorized to make legal, financial, and health care decisions for the ward Depending on the terms of the guardianship and state practices, the guardian may or may not have to seek court approval for various decisions
Does Executor Need Beneficiarys Approval to Sell Property? Yes It sounds like your brother is both executor and trustee As such, he has responsibility for the property in your parents’ estate and trust Unless the wills or trust impose some restrictions, your brother must decide how to distribute the assets, which he can do either as they are or as cash
How to Handle Sibling Disputes Over a Power of Attorney - ElderLawAnswers If the parent under the power of attorney dies, the agent no longer has any power over the estate The court will need to appoint an executor or personal representative to manage the decedent’s property Avoiding Conflict If you are drafting a POA document and want to avoid the potential for conflicts, there are some options