When you pass on, a probate judge appoints an executor to your will. It’s normally someone you’ve already nominated, but the judge has the final say as to who will act during the probate process. Beside an executor’s personal obligations toward you, he or she has a legal responsibility to your estate, beneficiaries, and creditors.
Since the executor is responsible for ensuring your wishes are carried out, they must have a copy of your estate plan and will, if not the original documents. It’s also a good idea to ensure your executor and your estate planning attorney have one another’s contact details.
So, what role does an executor of the will play? Below, we look at his or her main responsibilities.
An Executor Oversees Disposition of Possessions and Property
By law, your executor does not need to be a financial expert or an attorney. However, the law does require that an executor of a will carries out their duties with complete diligence and honesty. In fact, there is a legal term for this requirement, known as “fiduciary duty.”
Fiduciary duty requires your executor to act in good faith in terms of your will and your wishes.
Executors are not entitled to any proceeds from the sale of your estate. Typically, he or she may only claim a compensation fee for administering your will. The fee should be reasonable with regard to the complexity and size of your will.
Notifying Relevant Parties of Your Death
There are several parties that need to be notified of a death, including credit card companies, banks, and Social Security Administration. It is up to your executor to notify the relevant companies.
Set Up a Bank Account for Bills and Incoming Funds
If at the time of your death, you are due money, such as a paycheck, this is the account that will hold your funds. Your executor should be aware of utilities, mortgages, and other bills that will need to be settled during the probate process, too.
File A Copy Of Your Will
Your executor is charged with the responsibility of finding, reading, and making sense of your will. Even if probate is not necessary, your will still has to be filed with the probate court. It is also during this process that your executor determines who inherits what according to your will.
Distributing Your Property
An executor must ensure the distribution of your property upon your death. Any property given according to the deceased’s wishes must be given exactly as it is laid out in the will. If there are any other properties not named in the will, they must be passed on according to local laws.
If there is no will in place, your property is distributed based on intestate succession laws, and this process is facilitated by an administrator.
Prepare Yourself and Your Executor
An executor absolutely has to follow your will, along with managing a list of other details probate may throw their way.
If you have been named as the executor of someone’s estate, you’ll quickly find yourself with a job you might not be completely prepared for. That’s why it’s important to seek the assistance of a qualified estate and will planning attorney. This is especially the case if the deceased has a complicated estate.
If you’re in the process of choosing an executor for your will, have a discussion with your appointed executor and estate planning attorney to make sure you’re all on the same page. This will help ease the stress of your passing and ensure that your wishes are fulfilled.
Book an appointment with Principal Law Firm today to discuss your estate and will.
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