In estate law, who is the person named to manage the assets and liabilities of a deceased person?

In estate law, the individual responsible for managing the assets and liabilities of a deceased person is known as an executor or executrix. This person is specifically appointed in the deceased individual's will and holds the legal authority to oversee the distribution of the estate in accordance with the terms outlined in the will. Their duties include gathering and inventorying the deceased's assets, settling debts and liabilities, filing necessary tax returns, and ultimately distributing the remaining assets to the beneficiaries as designated by the will.

The role of the executor or executrix is essential in ensuring that the deceased's wishes are honored and that the estate is administered in compliance with legal requirements. This is distinct from the responsibilities of a probate judge, who oversees the probate process but does not manage individual estates themselves. An agent typically refers to someone empowered to act on behalf of another person, which does not encompass the specific legal authority conferred to an executor. Lastly, a trustee is involved in managing a trust rather than directly managing the estate of a deceased person, which further clarifies the unique role of an executor or executrix in the context of estate administration.