Choosing an executor for your will is a serious decision.
Think of it as one of the most important decisions that can truly ensure that your wants and “will” are executed. The executor is in charge of ensuring that your estate is properly handled after your death, and the job is complex and time-consuming.
But, if this is the first time you’re hearing an executor and you’re not sure about the duties of an executor of a will, then no worries. You’ve come to the right place.
Keep on reading for our full breakdown of everything you need to know about the legal duties of an executor of a will, and how to pick the right one for your needs.
How to Choose the Right Executor
Let’s start by covering the basics. Choosing an executor is a very personal decision. Some individuals go with friends or relatives, while others go with a professional.
Yet, no matter what you decide, you’ll want to consider the following factors.
It has to be someone you can put your faith in, blindly. Someone you know well should handle the legal and practical obligations of the position. Remember to choose executors you have confidence in when naming several executors in your will.
The eligibility of executors depends on your state regulations. Yet, in most cases, your executor must be at least 18 years old and mentally competent. They may both be a beneficiary and an executor of your will.
Duties of an Executor of a Will 101: The Keeper and Filer of Your Will
When it comes to probate, even if it isn’t required, the executor is responsible for finding, reading, and comprehending the will. The executor also selects the heirs at this time.
They’ll have to send out a death notice to banks, credit card companies, and a variety of government agencies. The same goes for people who should be informed of the death of a loved one include the Social Security Administration, the decedent’s bank, and credit card providers, to name a few.
Decide on the Type of Probate Needed
Due to inheritance rules, probate isn’t usually required when certain properties (such as those owned jointly by a husband and wife) pass without it (such as those owned jointly by a husband and wife).
Additionally, if the estate is worth a lot, the court can bulldoze through the process. To submit a petition, an executor’s information has to be filed with the court. To do this, you’ll probably need the help of a lawyer.
Acts as a Legal Representative for the Estate in Court
It’s possible that an executor may be needed to appear in court as the estate’s representative.
In short, if they’re not already a lawyer, then you’ll be asking a regular person who probably hasn’t studied legalese to represent your estate in court if needed. Defending a will lawyer can ensure that your legal bases are covered.
Open a Bank Account and Manage Finances
This account may store money that belonged to the decedent’s estate, such as undeposited cheques or money owing to the deceased.
During the probate process, an executor should keep an eye out for unpaid mortgages, utilities, and other expenses.
Provide the Court With Inventory of Assets
In many jurisdictions, the executor is required to present an inventory of the probate estate’s assets to the court.
This step is critical for the court to be able to fulfill your wishes. Otherwise, you can’t expect them to divine your assets out of nowhere.
Keep the Property in Good Condition
This involves maintaining a home until it is passed on to heirs or sold—even choosing whether the property should be sold at all.
Additionally, an executor is responsible for finding and safeguarding any personal property left in the estate until it can be distributed to the beneficiaries. Any safety deposit box that belonged to the deceased should be found and guarded by the executor as soon as possible.
Resolve Any Estate Liabilities
The state is responsible for notifying creditors, and the estate must also submit income tax returns for the current year and the previous year up to the decedent’s death.
State and/or federal estate taxes may be due if the estate is substantial.
Also, the courts will distribute the estate’s assets in accordance with the instructions laid down in the will. In the absence of a will, the rules of intestacy apply.
Get Rid of Unwanted Items
After paying off the estate’s obligations and distributing the estate’s assets to heirs, the executor is in charge of disposing of any remaining property.
The executor’s work may be simple or difficult depending on the size and complexity of the estate, and the obligations of the executor may extend beyond the ten elements listed above.
The Advantages of Appointing a Lawyer as Your Executor
Many individuals would rather choose a solicitor as their executor than a family member. One of the advantages of appointing a lawyer as executor is that they have the critical knowledge of estate management from a professional perspective.
And, it relieves your loved ones of burden at a difficult time by taking on the responsibility of properly administering your estate. Having a separate executor helps prevent family feuds, particularly if tensions are already high due to inheritance disputes.
Circumstances won’t affect a professional executor. They’ll only focus on carrying out your instructions in an exact and timely manner. You may rest easy knowing that your estate’s and all of your beneficiaries’ best interests are being safeguarded.
It also allows your loved ones to mourn without worrying about the financial and legal duties associated with managing your estate after you pass away.
Fiduciary Duties of an Executor of a Will: Explained
Just taking a quick look at all the things you need to do to protect your wants and wishes after death can terrify anyone.
Thankfully, you don’t have to take care of all of those items on your own. Simply put, that’s what an executor is for.
Hopefully, our guide has shed some light on the key duties of an executor of a will. And, if you’re still feeling a bit hazy about the details, you can check out our legal section for more tips.
