What does an executor do in a will?

A will names beneficiaries while heirs inherit the deceased’s property through the process of intestacy. The executor, sometimes known as the personal representative, oversees distribution of the assets of the estate. This is done either consistent with the terms of a valid will or the intestacy laws of the state.

Can a sole heir and executor be the same person?

The executor, sometimes known as the personal representative, oversees distribution of the assets of the estate. This is done either consistent with the terms of a valid will or the intestacy laws of the state. It is possible for one person to be both sole heir and executor.

Can a beneficiary also be an executor of an inheritance?

The executor would also be a beneficiary in this case. This scenario is common among adult siblings when one wants to remain in the family home and the others prefer to cash out their portion of the home’s value instead. This would reduce the inheritance paid to the executor and beneficiary according to his or her share of the parents’ home.

What can an executor do to reduce the inheritance?

This would reduce the inheritance paid to the executor and beneficiary according to his or her share of the parents’ home. When no beneficiaries want to reside in the inherited piece of real estate, the executor must list the property for sale at fair market value .

Who are the executors and trustees of an estate?

The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for