Executor

The executor of an estate is the person responsible for settling the estate and financial affairs of a deceased person according to the terms of their will. The executor, who is a type of fiduciary, is sometimes referred to as a personal representative or administrator. 

Choosing an executor is part of the estate planning process, and it should be a trusted person who is familiar with the estate owner’s wishes and values. The executor has a fiduciary duty to act in the best interests of the estate and its beneficiaries, and is required to follow the terms outlined in the decedent’s will or the estate administration laws if there is no will. 

The primary responsibilities of an executor include carrying out the probate process, inventorying assets, settling debts, distributing assets, and administering the estate. 

Executors might receive compensation for their services, which may be specified in the will or approved by a court.