Prudent Investors Act: An Act that holds the trustee accountable and determines how trustees must invest trusts, estates and other assets over which they have investment authority. These include trustees and/or executors. When a person dies without a will («intestate»), the person who is held responsible for the estate throughout the legal succession process – the state law that determines how the property of a person who dies without a will is distributed – is called an «administrator,» which can be considered a synonym for «executor» in this article. Better way: Secure the home and other assets as soon as possible. Inform the heirs that this is the law. In addition, share information about the deceased`s wishes, which can be described in a will or listed in a separate document (the separate document does not bind the executor, but can be a good roadmap for repaying assets). A person who has been instructed by a testator to carry out the instructions and requests contained in his will and to dispose of the property after his death in accordance with his testamentary dispositions. Scott vs. Guernsey, 60 Barb. (N.Y.) 175; In re Lamb`s Estate, 122 Mich. 239, SO N. W. 1081; Compton v.
McMahan, 19 MB. ca. 505. The person to whom another person entrusts the execution of this will by his will. 2 Bl. Comm. 503.A person to whom a testator requires by his will to sign or bring into force this document and its codes. Fonbl. 307.Executors are classified according to the following different methods:They are either general or specific. The first term refers to an executor who is responsible for the entire estate, wherever it is located, and administers it until a final settlement is reached; while a special executor is empowered only by the will to assume responsibility for a limited part of the estate or a party that may be in a place, or to continue administration only to a prescribed point.
They are introduced or replaced. A designated executor is a person appointed by the testator without any conditions; while a replaced executor is the appointee who fills the position in the event that the first candidate refuses to act. In the phraseology of canon law, they are of the following types: Executor d. lege constitutus, a legally appointed executor of the will; The Ordinary of the diocese. Executor ab episcopo constitutus or executor dativus, an executor appointed by the bishop; an administrator for an Intestate. Executor & testatore constitutus, an executor appointed by a testator. Also known as «executor tcstamentarius»; the executor. An executor is a person who, although not directly the executor, is responsible for inheritance-related tasks that can only be performed by the executor. Legal succession: Legal distribution of the estate of a deceased person without a will.
EXECUTOR, Trusts. The word executor, taken in the broadest sense, has several acceptances. 1. Executor dativus, which is called the administrator of an intestate. 2. Executor, or appointed by the last will of a testator, and this is what is usually meant by this term. 2. In civil law, the person responsible for the exercise of the functions of executor of the will is called haeres testamentarius; The term executor, it is said, is an unknown barbarity of this law. 3 ATK. 304. 3.
An executor, as currently accepted, is the person to whom the execution of a will of the personal estate is entrusted by the appointment of the testator and who has accepted it. 2 Com. 503; 2 p. Wms. 548; Toller, 30; 1 will. on Ex. 112 Swinb. T.
4, p. 2, pl. 2. 4. In general, all persons who are able to make wills can be executors, and a few others in addition, as infants and married women. 2 corn leaves. 503. 5. The executor is absolute or qualified; His appointment is absolute if it is constituted in a safe, immediate manner and without restriction as to the effect of the testator or any time limit. It may be limited by restrictions on when or where the office is to be exercised or on the purpose in which the office is to be exercised; or the creation of the office may be conditional. It can be qualified. 1st place Time limits may limit the period during which the designated person begins or ceases to be executor of the will; as if a man were appointed executor at the wedding of the testator`s daughter.
Swinb. p. 4, p. 17, p. 4. 2. The appointment may be limited to one place; only if one is appointed executor of all the testator`s property in the State of Pennsylvania. 3.
The power of the executor may be limited as to the object for which it is to be exercised; AS, if a testator names. To the executor of his property and movable property in possession; B, by its elected representatives in action. One can only be appointed executor of one thing, a certain debt or debt owed by a loan and others. From. For example, 29; 3 Phillim. 424. But although a testator may thus appoint separate executors for different parts of his property and divide their powers, but may cause the testator`s creditors to be supplied, they are all executors, act as a single executor and may be sued as executor. Cro. Car. 293.
4. The appointment may be conditional, and the condition may be either suspensive or retrospective. Godolph. Orph. Leg. Part 2, c. 2, p. 1; From. For example 23.6.
The executor derives his interest in the testator`s estate entirely from the will to which he is entitled from the date of the testator`s death. 1 will. For example, 159; Com. Dig. Administration, B 10; 5 B. & A. 745; 2 W. Bl.
Rep. 692. He acquires by appointment an absolute legal right to personality, but nothing on the testator`s lands, except by currency. He may not touch anything that was not personal at the time of the testator`s death, except on express instructions. 9 Serg. and Rawle, 431; Gord. Act Dec. 93.
Nevertheless, his interest in the property of the deceased is not the absolute, correct and ordinary interest that everyone has in his own property.