An
executor is another name that means a liquidator. These are the
individuals who are responsible for taking care of someones estate after
their demise. This process undertaken by the executor entails settling
the succession or executing the succession. For this process to be a
success, the executor has to close all the accounts, collect some cash
owed, file taxes, distribute some assets to heirs and make an inventory
of the debts and property. For the execution process to be friendly and
fair, it is crucial that the services of experienced and reputable estate liquidators Orange County CA has today be sought.
The person named as the liquidator requires being under supervision. Normally, a child who is less than 18 years and is married can also be termed as a liquidator. In case of any dispute, the liquidator can approach any of the professionals to be able to get clarifications on the same.
The deceased person may have named his or her preferred executor in the will. For instance, the executor might name his son or daughter as the executor. In case the deceased failed to make a will, or made a will, but did not mention an executor, the heirs become the executors automatically. The heirs can, therefore, choose their own executors via a majority vote.
In case there are several executors, the deceased will determine how the things will be done. For instance, one executor may be put in charge of practical things such as finding documents, organizing a funeral among others. The other executor might be in charge of the challenging issues like property taxes and debts.
In case there are several heirs or there is no will that was left behind, there is left no option but to vote. Voting among the heirs is done so as to determine who going to act as the liquidator is. The heirs are the ones that are left for the responsibility of deciding who is going to act as the liquidator. The heirs might also decide to name another person apart from themselves. Among the names of the liquidators, there is a lawyer, accountant or notary. However, if all those plans fail, they are left with no option but to go to court.
It is not a must for the named executor to act the part. He/she can delegate the duties to the assistant if named in the will, but if not the other executors will have to vote to get a replacement.
The executors powers are the ones stipulated in the will. If there is no description, then the executor will take care of the property until it is given to the rightful heirs. The executor is not permitted to sell any of the property unless in very special circumstances. However, the heirs can allow the executor to sell the property if it is perishable, losing its value of very costly to just lay around.
Executors are supposed, to be honest people. They should not do anything for their own self-gain. In case they do something in a selfish way, the heirs or the co-liquidators can go to court to claim compensation for any harm suffered.
The person named as the liquidator requires being under supervision. Normally, a child who is less than 18 years and is married can also be termed as a liquidator. In case of any dispute, the liquidator can approach any of the professionals to be able to get clarifications on the same.
The deceased person may have named his or her preferred executor in the will. For instance, the executor might name his son or daughter as the executor. In case the deceased failed to make a will, or made a will, but did not mention an executor, the heirs become the executors automatically. The heirs can, therefore, choose their own executors via a majority vote.
In case there are several executors, the deceased will determine how the things will be done. For instance, one executor may be put in charge of practical things such as finding documents, organizing a funeral among others. The other executor might be in charge of the challenging issues like property taxes and debts.
In case there are several heirs or there is no will that was left behind, there is left no option but to vote. Voting among the heirs is done so as to determine who going to act as the liquidator is. The heirs are the ones that are left for the responsibility of deciding who is going to act as the liquidator. The heirs might also decide to name another person apart from themselves. Among the names of the liquidators, there is a lawyer, accountant or notary. However, if all those plans fail, they are left with no option but to go to court.
It is not a must for the named executor to act the part. He/she can delegate the duties to the assistant if named in the will, but if not the other executors will have to vote to get a replacement.
The executors powers are the ones stipulated in the will. If there is no description, then the executor will take care of the property until it is given to the rightful heirs. The executor is not permitted to sell any of the property unless in very special circumstances. However, the heirs can allow the executor to sell the property if it is perishable, losing its value of very costly to just lay around.
Executors are supposed, to be honest people. They should not do anything for their own self-gain. In case they do something in a selfish way, the heirs or the co-liquidators can go to court to claim compensation for any harm suffered.
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