Major,Functions,Duties,Estate, business, insurance Major Functions or Duties of an Estate Executor in Legal For
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Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman";mso-ansi-language:#0400;mso-fareast-language:#0400;mso-bidi-language:#0400;}When somebody died and left a lotof properties, especially real estate, this person will leave a Last Will andTestament to an executor. Executor of an estate is the person named in thetestator of the will, who shall administer his properties after his death andsettle all obligations and liabilities changeable therein then at the same aredistributed to his heirs. He is also the most trusted person in a deceasedpersons life. He is the one in charge of the persons real estate and see toit that what is written in the Will are well respected and followed. The workof an executor is not that simple and easy and this legal professional has manyobligations and duties to be done. These are some of the executorsobligations: Managing the assets of thedeceased is one of the major functions of an executor. He must be the one to takecare any unpaid debts before issuing any of the assets to his heirs. Part ofthe executors major responsibilities is also to settle the real estate taxes.When we say estate tax, it is the tax levied on property after the ownersdeath before the transfer to the proprietors heirs. And this is where probatebegins. Probate is the legalization of thewill. Before the executor of the estate had granted the power to impose thewill, the court must ensure that the Will is validly put together. After the probate process, theexecutor can start to manage the estate by gathering all the assets togetherand liquidate it so that it can be distributed as what the will has stated. Atthis point of time, he will also pay taxes and file all tax returns. The executor of an estate can onlystart to pay all liabilities from the estate if and when all tax issues havebeen tackled. If there are any claims against the estate, it is because of thecreditor. The creditor is the person to whom the money is owed. Any disputewith regards to the payment of the estates debt can lead to court proceedings. Keeping the perfect record duringthe distribution of the assets of the estate is very essential. Thedistribution of the assets can be done once all issues mentioned are well takencare of. Beneficiaries or the heirs of the estate can have their share statedin the Will, after the settlement of all outstanding debts or taxes of theestate. If an executor of the real estatedoes not want to put all the obligations on his or her part, he can have thesupport of a lawyer, even though this person is the one responsible for takingcare of all these things. For anybody who wants to have aperfect answer for questions regarding these issues when the time comes thatthey will be named an executor of the estate of their friend and relatives,they must spend time in studying and learning the details thoroughly so thatthe knowledge that they will learn can help them in understanding instancesrelated to legal forms.
Major,Functions,Duties,Estate,