Executor

Introduction to Executor

Executor, in law, a person or financial institution, such as a trust company or bank, designated by a person (called a testator) in a last will and testament to carry out that person’s expressed wishes with respect to the disposal of any assets (called the estate) after the person’s death. The office of executor cannot be assigned. Should a will fail to name an executor, or should an executor be unwilling or unable to function, a probate court will appoint an administrator to dispose of the estate. Administrators are also appointed by probate courts to dispose of the property of persons who die intestate, that is, without leaving a will.

All executors derive their powers from the terms of the wills in which they are appointed. They are usually classified as general or special, and as instituted or substituted. General executors have complete charge of the entire estate covered by the will until final settlement is effected. Special executors are limited to the administration of a certain kind of property of an estate, or part of an estate in a certain place, or to the administration of an estate or a part of it for only a given length of time. Instituted executors are the initial appointees of testators. Substituted executors are those named in the will to fill the office should the initial appointee of the testator fail or refuse to function.” (1)

Resources

Notes and References

• Information about Executor in the Encarta Online Encyclopedia

Guide to Executor