Definition of Executor
What is an “executor”? What is the definition of the term “executor”?
An “executor” is the person who has been given the task of administering the estate of a deceased person. “Executrix” is the female equivalent of an “executor”.
After a person dies, the “executor” is the person who is charged with the tasks of accounting for all of the assets in the will and then distributing these assets properly according to the terms of the will.
The “executor” is basically acting on behalf of the deceased, and carrying out the deceased’s wishes to the best of their abilities.
An “executor” has the power, for instance, to sign over a vehicle from the deceased’s estate to the beneficiary as per the terms of the will.
An “executor” is also responsible for extinguishing the debts of the estate (not personally responsible, but the executor needs to properly utilize an estate’s assets in order to extinguish outstanding debts such as taxes, etc.).
An “executor” is usually somebody who has held in high esteem by the deceased person.
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