Excutors

Executors are individuals or entities appointed in a will to administer the estate of a deceased person (the testator). Their primary responsibility involves gathering assets, paying debts and taxes, and distributing the remaining assets to the beneficiaries according to the will's instructions. They act as fiduciaries, owing a duty of care and loyalty to the estate's beneficiaries. They manage the estate according to the laws of the jurisdiction, and the executors are authorized by a probate court or government department.

Excutors meaning with examples

• After her mother passed, Sarah, the designated executor, began the complicated task of inventorying the estate's assets. She filed the will with the probate court, and then started contacting banks and insurance companies. She also was in charge of dealing with her mother's debtors, and finally ensured the assets were divided according to the stated wishes.
• The will clearly named John and Mary as co-executors. They worked collaboratively to fulfill their roles, from handling the sale of the property to addressing unexpected creditors. The executors were dedicated to settling the estate in a timely and transparent manner. They communicated frequently with the family to inform them of each step.
• Due to the executor's mismanagement, the estate suffered significant losses. The court could remove the current executor and appoint someone else or a professional fiduciary. Legal action was eventually taken against them for breach of fiduciary duty, due to their irresponsible financial actions and negligence with the estate.
• If the will doesn't name an executor, or the named executor is unable or unwilling to serve, the court appoints an administrator to perform the same functions. This person will follow the law and handle all the complex processes of estate administration. The administrator will fulfill the needs in the absence of a will.