executor (redirected from executorships)
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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.