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An individual or trust institution nominated in a will and appointed by a court to settle the estate of a deceased person.


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.


One named in a will to fulfill the wishes of a decedent regarding the disposition of assets. Today, the word refers to both males and females serving in that capacity. At one time, executor referred only to males,and the female was called an executrix.

References in periodicals archive ?
For a "US person" to sign such an executory contract before Implementation Day would be dealing in property or an interest in property involving Iran or a Specially Designated National, which is prohibited by current US regulations as applicable to "US persons.
On the other hand, if the issue is unrecorded executory contracts, there is then no need to have criteria at all.
However, bankruptcy law has afforded a special status to executory contracts between debtor companies and their business associates.
An executory contract is an agreement in which both parties have
Some of the topics to be covered in break-out sessions include means testing, section 363 sales, single-asset real estate cases, tax issues, executory contracts, discharge of debt, and e-discovery issues.
Among the initial documents that surface are the voluntary or involuntary bankruptcy petition; statement of financial affairs; and the schedules of assets and liabilities, current income and expenditures, plus unexpired leases and executory contracts (contracts between the debtor and another party in which both sides have to perform--i.
Instead of rent expense, lessees would recognize interest expense, depreciation expense, and expenses for executory costs (insurance, maintenance, etc.
In simple terms, executory contracts are agreements that have not yet been completely performed.
Specifically, the amendments to the code: increase the control that franchisors can exert over the assumption of their executory franchise agreements; and shorten the time in which the franchisee debtor may assume certain real property leases.
2007-3, which provides guidance on whether the execution of a contract for services or insurance (an executory contract liability) establishes the "fact of the liability" under Sec.