EXECUTOR Definition

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EXECUTOR is a legal entity, frequently an individual, known before death to a testator, who is named in the testators will to carry out the desires of the deceased after his death as designated in the will. Executors must be approved by the court of law probating the will. An executor pays all indebtedness as claimed by creditors of the estate, with the approval of the court of law, and then carries out or executes the will according to the terms set forth by the testator.

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CRITICAL FEW see 80 - 20 RULE.

ZERO-RATED denotes goods on which the buyer pays no value-added tax although the seller can claim back any tax he/she has paid.

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