20:59
got a random stanford email and almost had a heart attack
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
independent executor
Read a random definition: collateral mortgage
A quick definition of independent executor:
An independent executor is a person named in a will to carry out the wishes of the person who wrote the will. Unlike a regular executor, an independent executor can manage the estate with very little supervision from the court. This means they can handle things like selling property and distributing assets without having to get approval from a judge. Only a few states allow for independent executors, but it is becoming more common for lawyers to write wills that allow for this type of administration.
A more thorough explanation:
An independent executor is a person named by a testator (someone who made a will) to carry out the provisions in the will. Unlike an ordinary executor, an independent executor can administer the estate with very little supervision by the probate court. This means they have more freedom to manage the estate and distribute assets to beneficiaries without having to get court approval for every decision.
For example, if a person writes a will and designates their spouse as the independent executor, the spouse can manage the estate without having to go to court for every decision. They can sell property, pay debts, and distribute assets to beneficiaries without having to get court approval for each action.
Only a few states in the West and Southwest allow testators to designate independent executors. However, lawyers can write wills that relieve a trusted executor from obtaining appraisals, providing inventories and surety bonds, and obtaining court approval "to the maximum extent permitted by law."