When making a will, the testator has several important considerations to make. The first consideration is often deciding who will inherit assets from the estate. The second consideration is typically naming someone to help administer the distribution of the estate. This role is often known as the executor of the estate.
When creating an estate plan, it is important to understand what an executor does, why you should have one and who should be given the role. Here is what you should know:
What are the duties of the executor?
As mentioned above, the main duty of the executor is to distribute assets to beneficiaries. This means the executor may need to contact beneficiaries, locate assets and follow the testator’s last wishes to help ensure assets go to the intended places.
Asset distribution is not the executor’s only job. The executor may be responsible for locating the will and submitting it to probate court. This step helps ensure the probate process can begin, which gives the testator time to administer the estate. Probate can last for several months to over a year depending on the size of the estate and the efficiency of the executor.
The executor may be responsible for handling several financial concerns, such as paying taxes, debts and utilities. They may also need to reach out to interested parties to inform them of the testator’s passing, such as banks and debt collectors.
Who can be an executor?
The executor can be anyone of legal age, such as a family member or friend. An organization that handles the management of an estate could also be an executor. The role of executor is often given to someone who can handle a lot of responsibility and is trusted to keep the estate’s best interests in mind. Legal guidance can help testators name their executor.
