Definition
Executor
An executor is the person named in a will to carry out the deceased's wishes — gathering the assets, paying debts and taxes, and distributing the estate to the beneficiaries.
The executor is the legal representative of the deceased for administering the estate. Duties include collecting and protecting assets, settling liabilities and taxes, obtaining probate where required, and then distributing what remains as the will directs. It is a position of trust, so the person should be reliable, organised and ideally younger than the testator.
When making a will, naming a willing and capable executor (and an alternate) avoids the court appointing an administrator and smooths the process for the family. Executors can be a beneficiary, a trusted relative, a friend, or a professional, and may be entitled to reimbursement of expenses.
Related terms
- Will (Testament)A will is a legal document in which a person states how their assets should be distributed after death and who should carry out those wishes.
- Testamentary SuccessionTestamentary succession is the transfer of a deceased person's assets according to a valid will, as opposed to the default rules that apply when there is no will.
- ProbateProbate is the legal process by which a court certifies that a will is valid and grants the executor authority to administer the estate accordingly.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.