When do we prepare executors accounts
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is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence [or real property] of the deceased at time of death in the absence of a legal will.
The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's propertyunder a will. A probate court decides the legal validity of a testator's (deceased person's) will and grants its approval, also known as granting probate, to the executor. The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary. A probate also officially appoints the executor(or personal representative), generally named in the will, as having legal power to dispose of the testator's assets in the manner specified in the testator's will. However, through the probate process, a will may be contested.[1]
The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's propertyunder a will. A probate court decides the legal validity of a testator's (deceased person's) will and grants its approval, also known as granting probate, to the executor. The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary. A probate also officially appoints the executor(or personal representative), generally named in the will, as having legal power to dispose of the testator's assets in the manner specified in the testator's will. However, through the probate process, a will may be contested.[1]
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Executors' accounts are created in lieu of loan accounts since, in the event of death, there is no way to represent a deceased partner through an account if he has already passed away. Accounts for executors serve as a representation of the deceased partner's executors (representatives or family members).
Explanation:
- An executor account enables the executor(s) to collect payments owed to the decedent's estate before distributing them to the beneficiaries. The capital account balance of a deceased partner is transferred to that of his executor.
- An executor account is a type of account that enables the executor(s) to collect funds owed to the decedent's estate before distributing them to the beneficiaries, such as the proceeds from the sale of a home.
- Payments can also be made on behalf of the deceased with this type of account, such as payments for the upkeep of a residence that belongs to the deceased's estate.
- A Grant of Representation (England or Wales) or Confirmation is required in order to open an executor Account (Scotland).
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