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{{REVIEWEDPLS | reviewer = [[People's Law School]] |date= January 2016}} | |||
{{Being an Executor TOC}} | {{Being an Executor TOC}} | ||
;Assets: What the deceased owned. Assets can include things such as money, land, investments, and personal possessions such as jewelry and furniture. | |||
; | ;Beneficiary: A person designated to receive money or property in a will, benefit plan, or insurance policy. | ||
; | ;Debts: What the deceased owed at death. These may include credit card balances, loans, and mortgages. Also called “liabilities.” | ||
; | ;Estate: All of the property and belongings owned by the deceased, with some exceptions. The estate does not include property owned with someone else jointly (such as a joint bank account) or property which has a designated beneficiary (such as an insurance policy). | ||
; | ;Estate administrator: A person appointed by the court to take charge of an estate where the executor is unable or unwilling to act, or there is no valid will. | ||
; | ;Executor: The person named in a will to carry out the instructions in the will and settle the will-maker’s affairs after they die. | ||
; | ;Intermeddled: To interfere in the affairs of others. In the context of an estate, to deal with the assets or liabilities of the deceased. | ||
; | ;Probate: A legal procedure that confirms a will is legally valid and can be acted on. It allows financial institutions and others to rely on the will as being the last will made by the deceased. | ||
;executor | ;Renounce: To decline an appointment as executor. | ||
; | ;Residue: The residue of the estate is whatever is left over after the executor pays all the debts and expenses and distributes any specific gifts. | ||
; | ;Trust: A part of the estate that is set aside in the will to provide ongoing income for a beneficiary, often a child. | ||
; | ;Will: A legal document that leaves instructions about what the person making the will wants done with their assets and obligations after they die. | ||
; | ;Will-maker: A person who makes a will. | ||
{{Being an Executor Navbox}} | {{Being an Executor Navbox}} |
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