What is Independent executrix?
What is Independent executrix?
An independent executor is an executor who administers the testator’s estate with minimal supervision by the probate court. An independent executor is also known as non intervention executors. Some states permit independent executors to sell the estate property without first securing a court order.
What does independent executor of a Will mean?
An executor is a person designated in a Will to serve as the administrator of the testator’s estate according to the instructions in that Will. An independent executor, such as yourself, may act almost entirely without supervision or control by the probate court.
Who is the independent executrix of an estate?
The words executrix, independent executrix, or personal representative of an estate signify a woman named by the maker of a will to probate an estate, pay the deceased person s debts and last illness expenses, distribute assets, and otherwise carry out the terms of the will after the maker of the will dies.
When do independent executors need to sell property?
Generally, an independent executor may sell estate property (real or personal) if funds are needed to pay expenses of administration, funeral expenses, expenses of last illness, and to satisfy claims against the estate.
Can a fiduciary act as an independent executor?
Probably not. Most courts will not allow a person to act in a fiduciary capacity without an attorney. Even if the court allows you to do so, it is a bad idea, since doing a bad job as independent executor can result in lots of liability. I was appointed as independent executor at a probate hearing, but they said I had not qualified yet.
What can an executor do to a beneficiary?
As an executor, you have a fiduciary duty to the beneficiaries of the estate. That means you must manage the estate as if it were your own, taking care with the assets. So an executor can’t do anything that intentionally harms the interests of the beneficiaries.
The words executrix, independent executrix, or personal representative of an estate signify a woman named by the maker of a will to probate an estate, pay the deceased person s debts and last illness expenses, distribute assets, and otherwise carry out the terms of the will after the maker of the will dies.
Generally, an independent executor may sell estate property (real or personal) if funds are needed to pay expenses of administration, funeral expenses, expenses of last illness, and to satisfy claims against the estate.
Can a co-independent executor of an estate?
What are Co-Independent Executors? A person’s will typically names one individual as the executor, meaning that they have complete control over the estate and any proceedings that follow as part of the probate process. But what happens when a will names two (or more) executors to have authority over the estate?
Probably not. Most courts will not allow a person to act in a fiduciary capacity without an attorney. Even if the court allows you to do so, it is a bad idea, since doing a bad job as independent executor can result in lots of liability. I was appointed as independent executor at a probate hearing, but they said I had not qualified yet.