Executor / Personal Representative
An executor (personal representative) is a person named in a will to manage a deceased person's estate, including gathering assets, paying debts, and distributing property to beneficiaries.
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Exam Tip
Executor manages estate during probate. Named in will. If no will, court appoints administrator.
What is an Executor?
An executor (called personal representative in some states) is appointed in a will to administer a deceased person's estate. If someone dies without a will (intestate), the court appoints an administrator.
Executor Duties
| Duty | Description |
|---|---|
| Probate Filing | Submit will to court |
| Asset Inventory | Locate and value all assets |
| Creditor Notice | Notify and pay legitimate debts |
| Tax Filings | File final income tax and estate tax returns |
| Distribution | Distribute remaining assets to beneficiaries |
Executor vs. Trustee
| Role | Manages | Duration |
|---|---|---|
| Executor | Estate | Until probate closes |
| Trustee | Trust | Until trust terminates |
Choosing an Executor
| Consideration | Why It Matters |
|---|---|
| Trustworthy | Handles significant assets |
| Organized | Complex paperwork required |
| Available | Time-consuming process |
| Location | Some states restrict out-of-state executors |
| Conflict-Free | Avoid family disputes |
Executor Compensation
| Method | Description |
|---|---|
| Reasonable Fee | Court-approved compensation |
| Percentage | Often 2-5% of estate value |
| Hourly | Based on time spent |
| Waived | Family members often decline |
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