What is an executor?

An executor is a person appointed by a court or named in a will to manage the estate of a deceased person. In Virginia, an executor is also known as a personal representative and may take any legal action necessary to manage the estate. This includes gathering and distributing the assets of the estate to the rightful heirs, paying off debts, and filing any necessary tax returns. An executor may also need to protect the estate from any legal threats or disputes. It is important for the executor to be a responsible and trustworthy person; they are responsible for the decedent’s finances and assets, and must ensure that all beneficiaries receive their rightful inheritance. It is in the executor’s best interest to follow the will as closely as possible while also being fair to all beneficiaries. In Virginia, an executor can be appointed by the court if the deceased did not prepare a will, or did not name an executor. In this case, the court will appoint an individual to serve as executor of the estate. The process for appointment may vary by jurisdiction, but typically involves an application process and a court hearing. Once appointed, the executor is responsible for the estate until they resign or are removed from the position.

Related FAQs

What is a trust fund?
What is a spendthrift trust?
How can I create a trust?
What is a trust protectorship?
How do I appoint a guardian for a minor in an estate plan?
What is a power of attorney?
What is a revocable trust?
Who can be a trustee of a trust?
What is the difference between a will and a trust?
What is an executor's duties?

What is an executor?

Related FAQs

Related Blog Posts