what is the difference between an executor and a personal representative?
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Personal Representatives is the collective name for either Executors or Administrators. Personal Representatives of someone who made a valid Will are called Executors. If someone dies without a Will (intestate) then the people in charge of their estate are called Adminstrators.
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The difference between the personal staff and the committee staff is that the personal staff deals directly with the Congress person that they are employed with and manage things that deal with the Congress person's constituencies.
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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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The executor will gather your assets and keep them safe, pay debts and taxes, and distribute your assets following the terms of your will. ... That person will be called the administrator or the personal representative, depending on the custom in your state.
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Duties of executors. An executor is the person named in a will to carry out the wishes of a person after they die. They organise to collect the assets of the deceased, pay the debts and distribute the property as set out in the deceased's will.
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Distribution of personal items often takes place before probate is granted, as long as it's clear who is to get what, and there is no dispute. The executor would oversee this process to ensure that it followed the terms of the will. It's not at all unusual that people think they can help themselves to household goods.
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of executor's commission is assessable income of the personal representative. However, its taxable status is not a consideration in the calculation of, or award of, commission. To this end, personal representatives must consider their individual taxation status and the consequences of the receipt of commission.
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There can be several names or official titles for people who are taking care of the deceased's estate. Some of these may be more familiar than others. Two of the most common are the Executor and the Next of Kin, those not so familiar may be the Personal Representative, the Informant or the Administrator.
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The trustee is duty bound to follow the instructions in the trust instrument and the law governing trusts. The person whom you nominate to settle you estate is your “personal representative,” sometimes called your “executor”. Both your personal representative and your trustee are “fiduciaries”.
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An Executor is the person you name in your Will to take care of your affairs after you die. A Power of Attorney names a person, often called your agent or attorney-in-fact, to handle matters for you while you are alive. Generally speaking, your Power of Attorney ceases to be effective at the moment of your death.
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In most cases, existing debts are paid from the dead person's estate. ... The executor is responsible to pay the debts out of the estate.
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Professionals are not paid to be the executor but they are paid for their work in administrating the estate. This is because they are a professional providing a service and they have the knowledge and experience that a layman doesn't.
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An executor is someone who is named in the will as responsible for dealing with the estate. An executor may have to apply for a special legal authority before they can deal with the estate.
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"Executor" has a specific meaning. It's a legal term referring to the person who manages a deceased person's estate in accordance with that person's will. It's pronounced differently too, the emphasis is on the second syllable. ... "Executor" is absolutely the preferred way to spell the legal term.
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An executor is legally responsible for sorting out the finances of the person who died, generally making sure debts and taxes are paid and what remains is properly distributed to the heirs.
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Also known as a personal representative, the executor of the estate does more than just read the will to the future heirs; he or she also manages the deceased's unfinished and ongoing affairs, like closing bank accounts and paying debts, and protects and maintains all of the deceased's assets and belongings.
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The Difference Between a Trustee and an Executor. ... Trustees are responsible for administering a trust to the beneficiaries according to a legal agreement, whereas Executors distribute a deceased person's assets according to a will. Executors must obtain a court order to act on a will.