What are the duties and responsibilities of an executor?
An example of an AI chatbot conversation about executor duties and responsibilities.
What are the duties and responsibilities of an executor?
An executor is responsible for managing a deceased person's estate, ensuring debts are paid, and distributing assets.
Can you explain the process of settling an estate?
Sure! The process typically involves validating the will, inventorying assets, paying debts and taxes, and distributing the remaining assets.
What happens if there is no will?
If there is no will, the estate is settled according to state laws, which usually involve appointing an administrator.
How long does the executor have to settle the estate?
The timeline can vary, but executors generally have about 6 months to a year to settle the estate, depending on complexity.
Are there any fees associated with being an executor?
Yes, executors can receive a fee for their services, which is often a percentage of the estate's value, but it varies by state.
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