Executor

Definition

• The individual selected to perform the duties required to administrate the estate of a deceased person. The executor's main duty is to carry out the wishes and directives of the deceased, often as dictated by the deceased's last will and testament. An executor can be chosen by the deceased through their will or by a court if a will is out of date, unclear, or does not exist.

Synonyms
executor dative, executor nominate

Related Terms and Acronyms

• Beneficiary — Definition,
  • An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
• Estate — Definition,
  • The ownership interest of an individual in real property.
  • The total sum of all the real property and personal property owned by an individual at time of death.
• Estate Planning — Definition,
  • The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
• Fiduciary — Definition,
  • An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
• Fiduciary Duty — Definition,
  • A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
• Power of Attorney (POA, PA) — Acronym,
  • A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
• Probate — Definition,
  • The process of deciding the validity of a deceased person's will and appointing an executor.
• Probate Sale — Definition,
  • Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
• Sprinkling Provision — Definition,
  • A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
• Survivorship — Definition,
  • The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
• Tax Sale — Definition,
  • A government sale of property to recover unpaid taxes.
• Trustee — Definition,
  • A person who holds and manages assets for the benefit of beneficiaries.
• Will — Definition,
  • A document that states what must be done with a person's estate after his or her death.