When someone dies, their estate has to get managed and distributed according to their will. This is one of the responsibilities of an executor. If you have been named as the executor of an estate, it is important to understand your duties and responsibilities.
Who is an executor?
An executor is a person or people who’re named to manage someone’s estate after they die. This individual gets appointed in the deceased’s will although the court may appoint someone else if there’s no named individual or if the named person is unable or unwilling to accept the appointment.
Duties of an executor
One of the most important duties of an executor is to take possession of the estate. This includes taking control of all assets and gathering any documentation related to the deceased’s finances or property. The executor is also responsible for notifying beneficiaries named in the will as well as any creditors that may have a claim against the estate.
The executor is responsible for managing and distributing the estate in accordance with the terms of the will. This may include selling off assets, paying debts and making distributions to beneficiaries.
If there are any disputes among beneficiaries about how the estate should get managed or distributed, it is up to the executor to resolve them. The executor is also responsible for filing the final tax return for the estate and paying any taxes owed. Lastly, the executor is the one who introduces the will to the court and oversees the probate and administration process.
It can be a lot of work taking on the role of executor, but it is an important responsibility. If a will has named you as executor, be sure to read up on your duties and responsibilities in order to ensure that you do your job properly.