Executorship

Executorship refers to the office and duties of an executor, the person named in a deceased person's will to administer the estate. The executor is responsible for collecting assets, paying debts and taxes, and distributing property to beneficiaries in accordance with the will. If a person dies without a valid will, an administrator typically takes on these duties under intestacy laws, rather than an executor.

Appointment and scope

An executor is usually named in the will and may be required to obtain probate or a similar authority from a court. The executor's powers derive from the will and statutes, and may include identifying and valuing assets, securing property, collecting outstanding sums, filing final income, estate, and inheritance tax returns, settling claims against the estate, and transferring property to beneficiaries as directed.

Duties and process

Key responsibilities include preparing an inventory and appraisal of assets, managing estate affairs during administration, paying valid debts and claims, maintaining records, and providing beneficiaries with periodic accountings. The executor must act in the estate’s best interests, avoid conflicts of interest, and refrain from self-dealing. Depending on jurisdiction, the executor may be required to post a bond to protect the estate and may be liable for mismanagement or breach of fiduciary duty.

Compensation and limitations

Executors may receive court-approved or statutory compensation, or reasonable fees if allowed by the will or law. They can be removed or replaced by the court for cause, such as failure to perform duties, mismanagement, or conflict of interest. Executors must comply with all applicable laws and deadlines, including tax payments and timely distributions to beneficiaries.

Relation to other roles

In the absence of a will, the corresponding role is often an administrator. The term “executorship” is primarily used in common-law jurisdictions and may vary in civil-law systems.