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Legal Terms -executor
A individual who is designated by a will to manage the estate of the testator. From the moment of the testator's death, the executors are authorized to manage the property of the deceased in accordance with the terms of the will. Nevertheless, they are typically required to obtain a grant of *probate from the court in order to substantiate the will and to verify their authority to deal with the estate. Although an executor may also be a beneficiary under the will, their appointment as an executor only grants them the authority to manage the deceased's property in accordance with his will, without granting them beneficial ownership. An executor who commences the administration of the deceased's assets subsequent to their demise is prohibited from subsequently relinquishing their position as executor (see renunciation). In contrast, an administrator.
A individual who is designated by a will to manage the estate of the testator. From the moment of the testator's death, the executors are authorized to manage the property of the deceased in accordance with the terms of the will. Nevertheless, they are typically required to obtain a grant of *probate from the court in order to substantiate the will and to verify their authority to deal with the estate. Although an executor may also be a beneficiary under the will, their appointment as an executor only grants them the authority to manage the deceased's property in accordance with his will, without granting them beneficial ownership. An executor who commences the administration of the deceased's assets subsequent to their demise is prohibited from subsequently relinquishing their position as executor (see renunciation). In contrast, an administrator.
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