executor

Definition

Entity designated in a will to carry out the wishes and instructions of the will maker (as described in the will) upon the will maker's death, incapacity, or total disability. The executor has the powers to assume control of the assets, to pay debts, expenses, and taxes when the eventuality happens. If an infant or minor is appointed as an executor, probate will be issued only when he or she reaches the age of 18. Institutions such as banks may also be appointed as executors. If two or more executors are appointed, any one of them may act for all, except that all of them have to join to convey or transfer a real or personal property.