what does independent executor of a will mean?
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An independent executor is an executor who administers the testator's estate with minimal supervision by the probate court. ... An independent executor is also known as non intervention executors. Some states permit independent executors to sell the estate property without first securing a court order.
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In general, an executor is expected to distribute the dead person's estate as soon as is practicable. They have, in any case, a 12-month window from the date of death, known as the executor's year, to carry out their duties before any beneficiary can proceed against them.
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An executor who enters a contract on behalf of the estate is contractually liable to pay the other party. The cost of performing the contract is recoverable from the assets of the estate. ... They then can't be held personally liable for any debts that the estate doesn't have the funds to pay.
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What are the responsibilities of the executor of a will? The executor is someone named in a will as taking legal responsibility for carrying out the instructions left in the will by the deceased regarding their estate.
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The main difference is that the trustee is the person responsible for making the decisions that maintain the estate whilst it is held on trust before it is given to the beneficiaries, and the executor is the person that carries out (or executes) the actions in the Will eg applying for probate.
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To change the executor of a will, you must be a person with interest in the estate – typically a beneficiary or a creditor. After gathering evidence of the executor's wrongdoing, you need to file a petition with the probate court to have the executor removed so a new executor can be appointed.
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A Trustee is someone who holds property on trust for another – i.e. a beneficiary. It is often the case that the Executors named in the Will are also appointed Trustees. It is usual practice to appoint at least two Trustees, when making a Will.
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The role of a trustee is different than the role of an estate executor. An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. ... The beneficiaries are the recipients of the trust's assets.
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If the deceased left a will and named an executor (the person nominated to deal with the estate), that person will need to get what is known as a 'grant of probate' - this is the legal document used to manage the estate.
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The executor may be an individual (and heir) named in the will. If that is the case, any compensation paid by the estate as an executor's fee is subject to personal income tax, both state and federal.
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Who should sort the will out? When a person leaves a will, they normally would have chosen at least one person to act as the executor of the will. The executor is normally a relative or a friend, or sometimes a solicitor or a bank. It is common for the executor to be an heir of the estate.
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Role of the executor. The executor's job is central to the estate settlement process – from arranging the funeral, to paying bills, to distributing estate assets. After someone dies, the executor makes sure that the wishes stated in the deceased person's will are fulfilled.
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An executor's job is to secure the assets of the estate and then distribute them according to the deceased person's wishes. In some families, heirs descend on a decedent's home even before the funeral, cherry-picking heirlooms, and other valuables.
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Generally, an individual draws up a will which explains the testator's intentions for the distribution of their estate upon their death. A person who receives assets through inheritance is called a beneficiary.
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Many people mistakenly believe that if they have appointed an Attorney under a Lasting Power of Attorney (LPA) then that person will also act as their Executor when they die, or vice versa. ... However, an Executor is the person appointed by you when creating a Will to carry out the provisions of the Will after your death.
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The role of a trustee is different than the role of an estate executor. An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. ... It is an honor for a friend or loved one to appoint a person as a trustee.
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The executor is personally liable for all debts that the executor incurs after the death of the deceased. For instance, if the executor hires movers, accountants, or lawyers to assist with the estate, then the executor is responsible for ensuring that those debts are paid.