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Southeast Transaction Guide
 
Copyright 2015, Matthew Bender & Company, Inc., a member of the LexisNexis Group.


5-86 Southeast Transaction Guide 86.syn


Title

Executors and Administrators

Author

Thomas Ritchie;Byron Sparber;and Carl Cofer

Chapter Summary


ABSTRACT TEXT:

This chapter of the Southeast Transaction Guide covers the nomination by will of the executor of the estate. The competency of individual and corporate fiduciaries, bond requirements, the powers and duties of executors in general, termination of the appointment of the executor, and actions by and against the executor are discussed in the Legal Background section. The chapter's forms consist of will provisions nominating, empowering, and compensating the executor. The chapter briefly discusses the appointment of administrators by the court, so that the practitioner is aware of the consequences if the testamentary appointment of an executor fails. However, probate of wills and administration of estates in general is beyond the scope of this set. Thus, the chapter does not attempt to cover the specific activities executors or administrators must take in carrying out their duties. The chapter begins with a research guide, which cites both primary and secondary sources, including state statutes, tax statutes and regulations, annotations, law reviews, and text references.

The chapter then discusses the process for nominating and appointing an executor. The chapter then covers qualifications of individual executors, including competency and residency. It also defines the various terms used to describe an executor under Florida, Georgia, and Alabama law. The chapter also deals with the renunciation of an executor.

The next section in the chapter discusses the bond of executors, including the requirements and conditions of the bond. The third section deals with the powers, duties, and liabilities of the executors. Specific statutory powers and duties detailed include possession of property, inventory, claims of creditors, and the Georgia-specific duty to probate a will.

The fourth section of the chapter covers compensation of executors. Costs and attorneys' fees associated with executor compensation are also detailed. The chapter ends with other matters regarding executors such as resignation and revocation of appointment and death of the executor.

Southeast Transaction Guide is a step-by-step guide that covers a wide variety of transactions for Alabama, Florida, and Georgia. This 20-volume set is broken down into five parts: business entities, estate planning, commercial transactions, real estate transactions, and personal transactions. Each chapter offers a legal background on each transaction covered, emphasizing tax considerations and problem areas, planning guides with checklists, procedural and drafting guides for transaction processing, and necessary forms with commentary, plus citations to leading cases.

CORE TERMS:

Executors,administrators,executor of the estate,administrator of the estate,executors in Florida,executors in Georgia,executors in Alabama,corporate executors,coexecutors,duty to probate a will in Georgia

RELATED CHAPTERS: (View)

For complete will forms into which the will provisions included in this chapter may be inserted, see Chapter 82, Standard Wills. Other related chapters are Chapter 85, Testamentary Guardians; Chapter 103, Decedent's Personal Instructions; and Chapter 105, Powers of Appointment.

OTHER RELATED PUBLICATIONS:

See Rabkin & Johnson, Federal Income, Gift and Estate Taxation (Matthew Bender) for additional information on estate planning options and considerations.

See Modern Estate Planning (Matthew Bender) for coverage of all key estate planning topics, including gift taxation; transfers and interests subject to estate and gift taxation; estate and gift tax deductions; exclusions and credits; and the generation-skipping transfer tax (GST).

See Current Legal Forms for Estate Planning (Matthew Bender) for a wealth of sample estate planning forms, drafting guidance and expert legal commentary to assist in the fundamental, and often time-consuming task of document drafting.

See Georgia Estate Planning, Will Drafting and Estate Administration Forms (Matthew Bender) for insightful commentary introducing major principles involved in tax, estate, and trust law as they affect estate planning and administration.
 
 
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