Legal Definitions - EXOR

EXOR is an abbreviation for EXECUTOR.

An Executor is an individual or an institution legally appointed in a deceased person's will to manage their estate. Their primary role is to ensure that the wishes outlined in the will are carried out. This involves a range of duties, such as identifying and collecting all assets, paying off any outstanding debts and taxes, and finally distributing the remaining property to the designated beneficiaries according to the terms of the will.

• Example 1: Family Member as Executor

  When Mr. Chen passed away, his will clearly stated that his eldest daughter, Li, would serve as the EXOR of his estate. This meant Li was legally responsible for gathering all of her father's financial documents, closing his bank accounts, selling his house, and distributing the proceeds and other assets to herself and her siblings as outlined in the will, after all debts and taxes were settled.

  This example illustrates how a family member can be appointed as an executor to manage the practical and legal aspects of settling an estate, ensuring the deceased's wishes are fulfilled.

• Example 2: Professional Institution as Executor

  Ms. Albright, a retired executive with a complex portfolio of investments, real estate holdings, and charitable bequests, named the trust department of her bank as the EXOR in her will. She chose this option because of the intricate nature of her assets and the desire for professional, impartial management.

  Here, a professional institution acts as the executor, highlighting that the role can be filled by entities equipped to handle large or complicated estates, ensuring expert administration and compliance with legal requirements.

• Example 3: Specific Task of an Executor

  After his grandmother's passing, Michael was named the EXOR in her will. One of his first duties was to arrange for the appraisal and sale of her extensive antique doll collection, with the will specifying that the proceeds should be divided equally among three different children's hospitals.

  This example demonstrates a specific task an executor might undertake: liquidating a particular asset and then distributing the resulting funds to beneficiaries, in this case, charitable organizations, precisely as directed by the will.