Monday, August 20, 2018

What Is The Role Of An Executor According To A Last Will And Testament document?

The ‘executor’ is an individual who is chosen by the creator or testator of the last will and testament as the personal representative of his own estate.
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Thursday, August 9, 2018 by CarlGlendon 2 weeks ago
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The ‘executor’ is an individual who is chosen by the creator or testator of the last will and testament as the personal representative of his own estate. The person who is chosen is responsible for various services and he is usually paid by a fee. In case there is a fee involved, it is usually determined as per the decisions made by the estate beneficiaries, the laws of the testator’s state of residence or the testator himself. Find out about the role of an executor according to a Last Will and Testament legal document.

Determining the debts

An executor has to determine the debts associated to the estate that are owed and who these are actually owed to. He is responsible to make payments on every debt that has been accumulated by you, the testator. It involves every preparation included in debt determining and the appropriate amounts.

Raising funds for debt payment

He should also pay back any due debts / payments. If the estate assets cannot be used to pay all such expenses, he must devise a way to fundraise to pay the debts off. This is often one of the basic requirements for a last will and testament. Please visit this site to get last will and testament in Indiana.

Determining the estate assets

He should also determine the estate assets, and protect the same until there is completion of the probate will. He might, in some cases, be also responsible for investing in the estate assets until the time these are distributed among the estate beneficiaries. He should also undertake the responsibility to disperse the assets to people who get them.

Author Resource:-

Carl writes often about affidavit, bill of sale and last will & testament to help the people in needs. You can find his thoughts at last will and testament docs blog. To learn more about drafting last will and testament in Minnesota online, visit this website.

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CarlGlendon
CarlGlendon
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