executors
Definition
An executor is the person named in someone's will to carry out their final wishes after they die. This person is responsible for gathering up everything the deceased owned, paying off any debts, and then distributing what's left to the people named in the will.
Example
If your business partner names you as executor in their will, you would be responsible for closing their bank accounts, filing their final tax return, and making sure their family receives what your partner intended them to have.
Watch Out
Being named an executor is a serious legal responsibility that can take months or even years to complete, so make sure you understand what you're agreeing to before accepting the role.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.