The role of the executor is a significant one. It’s not only about making sure that everything goes smoothly after someone has passed away but also about protecting your loved ones and their assets.
An executor typically offers the will for probate, takes action to protect the estate’s assets, distribute property to beneficiaries, and pays the debts and taxes of the estate. It is also the executor’s job to locate, manage and disburse the assets of the estate.
What Does It Mean To Be An Executor?
It’s not an easy job, but it can be gratifying if you know how to do it right. If you’re named in someone’s will to be the executor, it means that person has chosen you to carry out their wishes after they pass away. You may not realize how much work is involved and how important it is for the estate to be managed appropriately. It can take a lot of time and effort on your part.
How To Do This Job Correctly?
If done correctly, it can also save money for those who inherit from the estate. To do this job well, there are some things you should know about being an executor before taking on this responsibility.
The first thing any good executor does is read through the entire will carefully to understand precisely what their role entails. They need to clearly understand all aspects of being an executor, including where assets are located and who inherits them.
Once every aspect is clear, they can begin executing tasks. The task can be locating all assets belonging to the deceased person or persons (called “decedent). Protection of these assets from theft or damage while waiting for probate court approval can also be the executor’s responsibility.
In some cases, paying debts owed by the decedent at death (including funeral expenses) and filing tax returns with IRS on behalf of the decedent are also the executor’s responsibilities.
If you are named as an executor for executing a will, this is the article you need. If you are planning an estate, visit our website and if you are looking for an expert attorney to help you prepare for the future head over to Thomas Mc Kenzie Law.