Your executor should be someone you trust and who is capable of understanding and managing your estate’s financial and legal duties. Before you designate someone, be sure you understand the responsibilities of your Will executor.
An executor is the person you choose to carry out your desires upon your death, as specified in your last will and testament. He or she is in charge of your estate, paying off debts and distributing assets to your beneficiaries. Since estate administration is a sensitive process that requires understanding and dealing with family circumstances, your executor should be someone you trust. Yet, since he or she will be dealing with a variety of legal and financial difficulties, your executor should also be knowledgeable in financial and logistical topics, as well as be able to manage the duties of an executor. These executor responsibilities include:
Collecting Assets: Once appointed, the executor’s first significant responsibility is to gather and inventory the assets subject to probate. Reviewing documents, deciding whether assets are subject to probate, obtaining physical possession of probate assets, valuing the property, and completing an inventory listing are all part of this process.
Debts and Costs Must Be Paid: Before distributing distributions to beneficiaries, the executor must establish which debts and expenditures must be paid. The executor must also settle disputes, pay executor and attorney costs, file death tax returns, and file additional tax returns. The executor may have to sell assets to cover these varied charges.
Distribution of Assets: After all bills and expenditures, including taxes, have been paid, the executor must distribute the remaining assets properly. This is accomplished via beneficiary payouts and the establishment of trusts.
