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Also, the will may give latitude to an executor in making disbursements to heirs e. Inform heirs that this is the law.

One of the biggest drawbacks to being an executor is the great amount of time it takes to properly handle responsibilities. For example, think of the time involved in contacting various government agencies e. Even if an attorney uses a paralegal for various actions, it can still be expensive. Where estates are modest, these fees can mean little or no inheritances for some heirs.

An executor in this situation should use the services of professionals sparingly and understand the time commitment he or she will need to make instead. Being organized e. As an executor, you must pay taxes owed before disbursing inheritances to heirs. The value of the estate for death tax purposes is greater than the probate estate the assets that do not pass automatically to named beneficiaries ; it includes all assets in which the decedent had an interest e. Creditors cannot go after the proceeds of a life insurance policy that has a specific beneficiary, however.

Usually, the amount of commission is determined by the size of the estate e. However, in many cases, particularly smaller estates, an executor is asked to waive any commission. Keep track of out-of-pocket expenses e. Some of these expenses may be reimbursable by the estate. Estate Planning. Investopedia uses cookies to provide you with a great user experience. By using Investopedia, you accept our.

Your Money. Personal Finance. Your Practice. Popular Courses. Login Newsletters. What Is an Executor?

Executor Definition

To be prepared, you should:. Know where the original will and the asset list is being held and how to access them. Know the names and contact details of attorneys or agents named by the testator, and what their function is. Discuss the testator's wishes as far as a funeral or memorial service, including instructions for burial or cremation. Discuss the will with the testator and, if possible, with the beneficiaries in order to minimize problems in the future.

Key Takeaways An executor is the person who administers a person's estate upon their death. The primary duty is to carry out the wishes of the deceased person based on instructions spelled out in their will or trust documents, ensuring that assets are distributed to the intended beneficiaries.

Being an executor is a large responsibility where potential hazards and complications may arise. Disputes with Co-executors. Disputes with Heirs.

What You Need to Know If You're an Estate Executor

Time Drain. Personal Liability Exposure. Out-of-pocket Costs.

Compare Investment Accounts. The java. Executors provide factory methods which are be used to create ThreadPools of worker threads. To use the Executor Framework we need to create one such thread pool and submit the task to it for execution. It is the job of the Executor Framework to schedule and execute the submitted tasks and return the results from the thread pool.

A basic question that comes to mind is why do we need such thread pools when we can create objects of java. All these factors reduce the throughput of the system. Thread pools overcome this issue by keeping the threads alive and reusing the threads.

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Any excess tasks flowing in than the threads in the pool can handle are held in a Queue. Once any of threads get free, they pick up the next task from this queue. This task queue is essentially unbounded for the out-of-box executors provided by the JDK. Now that we have a good idea of what an executor is, let's also take a look at the different kinds of executors. This thread pool executor has only a single thread. It is used to execute tasks in a sequential manner.

If the thread dies due to an exception while executing a task, a new thread is created to replace the old thread and the subsequent tasks are executed in the new one. As the name indicates, it is a thread pool of a fixed number of threads. The tasks submitted to the executor are executed by the n threads and if there is more task they are stored on a LinkedBlockingQueue. This number is usually the total number of the threads supported by the underlying processor. This thread pool is mostly used where there are lots of short-lived parallel tasks to be executed.

Unlike the fixed thread pool, the number of threads of this executor pool is not bounded. If all the threads are busy executing some tasks and a new task comes, the pool will create and add a new thread to the executor. As soon as one of the threads becomes free, it will take up the execution of the new tasks.

If a thread remains idle for sixty seconds, they are terminated and removed from cache.

Production information

However, if not managed correctly, or the tasks are not short-lived, the thread pool will have lots of live threads. This may lead to resource thrashing and hence performance drop. This executor is used when we have a task that needs to be run at regular intervals or if we wish to delay a certain task. The main difference between the two methods is their interpretation of the delay between consecutive executions of a scheduled job.

The result of the task submitted for execution to an executor can be accessed using the java. Future object returned by the executor.

Who can Serve as the Executor to My Estate?

Future can be thought of as a promise made to the caller by the executor. A task submitted to the executor, like above, is asynchronous i. Instead, whenever the task execution is completed, it is set in this Future object by the executor. The caller can continue executing the main program and when the result of the submitted task is needed he can call. If the task is complete the result is immediately returned to the caller or else the caller is blocked until the execution of this is completed by the executor and the result is computed.

If the caller cannot afford to wait indefinitely before retrieving the result, this wait can be timed as well. This is achieved by the Future. The caller can handle this exception and continue with the further execution of the program. If there is an exception when executing the task, the call to get method will throw an ExecutionException. An important thing with respect to result being returned by Future.

If the task implements the Runnable interface, the call to. Another important method is the Future. This method is used to cancel the execution of a submitted task. If the task is already executing, the executor will attempt to interrupt the task execution if the mayInterruptIfRunning flag is passed as true. The Task class implements Callable and is parameterized to String type. It is also declared to throw Exception. This ability to throw an exception to the executor and executor returning this exception back to the caller is of great importance because it helps the caller know the status of task execution.

Here we have created a FixedThreadPool executor with a count of 4 threads since this demo is developed on a quad-core processor. We have instantiated the Task class and are passing it to the executor for execution.