Executor, << ehg ZEHK yuh tuhr, >> is a person who is named in a will to carry out the provisions of the will. Some people die without leaving a will, or without naming an executor if they do leave a will. In such cases, a probate court appoints an administrator in place of an executor (see Administrator).
An executor’s chief duty is to handle and dispose of the estate (money and other property left by the dead person). A probate court supervises the executor’s handling of the estate. The executor must offer the will for probate. Probate is a court process in which probate court judges determine whether a will is legally valid. The executor pays all taxes and claims against the estate. Then the executor pays the legacies (inheritances) provided for in the will.
Executors file a report on their management of an estate with the probate court. Executors may take the cost of their expenses and the fee for their services out of the money in the estate. They are paid at rates that are set by law. Executors usually make a money pledge called a bond, in which they agree to perform their duties honestly.
Any adult who is sound in mind and of good reputation may be an executor. Many wills name as executor a member of the deceased person’s family. Such executors often serve without compensation. Banks serve as the executors of many wills. The executor typically hires an attorney to assist in administering the deceased person’s estate.
A person may refuse to act as executor. However, an individual who accepts the job and later wishes to give it up must obtain a court’s permission to do so.
