Executor/Executrix


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Related to Executor/Executrix: letters testamentary

Executor/Executrix

A person who administers the estate of a deceased person. The executor (if male) or executrix (if female) is responsible for gathering all of the decedent's assets and giving them to the appropriate beneficiaries. He/she is often a family member or lawyer who is either appointed in the decedent's will or by a court. The executor/executrix has a fiduciary responsibility to act on behalf of the decedent and to fulfill, as closely as possible, the wishes set forth in the will. Persons under 18 and convicted felons cannot serve as executors.

Executor/Executrix.

When you die, your executor administers your estate and follows the directions provided in your will. Among the executor's duties are collecting and valuing your assets, paying taxes and debts out of those assets, and distributing the remaining assets to your heirs.

You may want to appoint a family member or close friend as executor. Or you may choose a professional, such as a lawyer or bank trust officer.

What some people do is name a professional and a friend or family member to work together, especially if the estate is large or there are potential complications.

Executors are entitled to be paid for their work, which ends when your estate is settled, usually anywhere from one to three years after your death. Professional executors always charge, while friends and family may or may not.