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 charitable trust?What is the role of an attorney in an estate plan?
What is an irrevocable life insurance trust (ILIT)?
What are the elements of a trust?
What is a living will?
Who can be a trustee of a trust?
What are the advantages of an irrevocable trust?
What is a generation-skipping trust?
What is a healthcare power of attorney?
How do I set up a trust?
Related Blog Posts
Understanding the Basics of Trusts and Estates Law - July 31, 2023Tips for Drafting Wills under Trusts and Estates Law - August 7, 2023
Guidance for Creating a Family Trust - August 14, 2023
What is a Testamentary Trust? - August 21, 2023
How to Name an Executor of Your Estate - August 28, 2023