Executor
GeneralGlossary term
Definition
A person named in a will to manage the deceased's estate, pay debts and taxes, and distribute assets to beneficiaries according to the will's instructions.
Related terms
- WillA legal document that outlines how you want your assets distributed and your affairs handled after your death. A valid will typically names an executor to carry out your wishes, designates beneficiaries to receive your property, and can also name guardians for minor children. Without a will, state laws determine how your estate is divided, which may not align with your preferences.
- Estate PlanningThe process of arranging how your assets will be distributed after death and making healthcare decisions if you become incapacitated. Includes wills, trusts, and powers of attorney.
- BeneficiaryA person or entity designated to receive assets from a trust, insurance policy, retirement account, or will after the owner's death.
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