When a loved one dies, someone has to take on the responsibility of handling their estate. This role is known as the executor.
It can be daunting, but it’s important to understand what it means to be an executor and your responsibilities.
The attributes of a good executor
An executor is a person or institution appointed by a will-maker to carry out the instructions set forth in their will. A good executor is organized, efficient, and capable of managing complex tasks. They also have strong communication skills and are able to keep everyone informed about what’s happening with the estate.
Some of the duties of an executor include:
- Locating and inventorying the deceased’s assets
- Securing real property and making sure that it is preserved for the future
- Paying the deceased’s final debts and filing their final taxes
- Distributing the remaining assets to the beneficiaries
They will also be responsible for managing the estate during probate, which can be a complex and time-consuming process.
Additionally, they may have to deal with family members who are grieving and may not be able to agree on the details of the estate. While it can be a daunting responsibility, serving as an executor can also be a great honor.
If you have been named executor of a will, you may be wondering where to turn for help. The first step is to consult with someone who understands probate administration. They can review the will and help you understand your responsibilities so that the process goes as smoothly as possible.