Definition
The executor of a will is a person responsible for managing the estate of the deceased person. The executor carries out the will and pays debts according to the wishes of the deceased and applicable laws. The executor will also take possession of any valuable assets while valuating the estate. Additionally, the executor must handle any tax issues, including estate taxes, state taxes, and the deceased’s final personal tax return.
Definition and Examples of Executor of a Will
The executor of a will is a person chosen by the deceased and appointed by law to oversee the collection of assets, settlement of debts, and distribution of property to the heirs. This role varies depending on the deceased’s financial situation, the relationship with the executor, and final wishes.
Note: Some people use the feminine term “executrix,” but it is more common to use “executor” for all genders. Alternatively, gender-neutral terms such as “personal representative” or “fiduciary” can be used, though these terms usually refer to cases where the person died without leaving a will.
Typically, the deceased person, also known as the decedent, names their executor in their will, and the judge will usually appoint these individuals unless beneficiaries object. For example, someone may name a brother to oversee their will in the event of their death – in this case, the brother becomes the executor.
If no executor is named, the judge typically appoints a close family member to oversee the estate. Many states have laws that designate eligible relatives and the order of preference. In California, for example, surviving spouses or domestic partners are the first preference to become the executor, followed by children and grandchildren.
Note: The assets of the decedent are transferred according to state law rather than their own wishes if there is no last will.
The judge will grant the executor a mandate to act on behalf of the estate through “letters testamentary” or “letters of administration.” The executor presents these documents to entities such as insurance companies or financial institutions to confirm they have the legal authority to act on behalf of the estate.
How the Executor of a Will Works
The work of the executor is carried out during probate, which is the legal process of ensuring that the deceased’s debts and obligations are paid from the remaining cash and assets, then transferring the remaining assets to the beneficiaries.
Probate can take months or even years in some cases if the estate is particularly complex. The executor is responsible for managing the estate throughout the entire process. This typically involves obtaining court approval before taking certain actions, and can involve many court filings and court appearances.
The duties of the executor usually occur in a rough chronological order. Below is a rough outline of what the executor does during the probate period.
Note: Not every estate requires all these steps, and some complex estates may require additional procedures. State laws are another variable. Consult an estate attorney to find out exactly what it will take if someone asks you to be the executor.
Filing the Will
The first order of business for the executor is to file the deceased’s last will with the probate court for review and acceptance. This formally begins the process of opening the estate.
The executor must attend a hearing where the judge decides if the will is valid and meets the legal requirements in that state. It cannot contain procedural errors.
This hearing also typically provides an opportunity in most states for individuals with an interest in the estate to contest the will. They can subsequently file a separate lawsuit to persuade the court that the will is invalid and that its terms should not be enforced.
Collecting
Assets
The executor must first identify all assets of the deceased and collect them for safekeeping if necessary. Safeguarding may be required if the deceased left behind a valuable piece of jewelry or another asset that could be targeted by thieves.
Part of this process may involve a literal search for assets, such as tracking financial accounts or insurance documents or safe deposit boxes. The executor typically reviews the deceased’s personal papers and interviews family members to trace all accounts that may exist.
Some or all of these assets may be mentioned in the deceased’s will, but the executor cannot simply assume that there are no other assets just because they weren’t bequeathed to anyone. The deceased may have acquired them after creating the will, or they may have been overlooked while writing the will.
The executor must then maintain any assets that require upkeep. This may include ensuring that insurance policies are not interrupted and keeping up with mortgages, car loans, and any other installment loans.
Estate funds are used for this purpose. Survivors do not have to pay out of their own pockets. The executor will set up a bank account for the estate. The deceased’s personal bank accounts, along with any other cash assets, are transferred to this account so that the estate can operate.
Note: The executor may be required to provide an accounting report of all the deceased’s assets to the probate court.
Notice of Death
The executor will carry out all necessary notifications regarding the death, including to the beneficiaries mentioned in the will if they are not already aware. This may be a formal process or it may not be.
Services and subscriptions and benefits that the deceased was receiving must also be contacted. Credit cards should be formally canceled, and the Social Security Administration should be notified if the deceased was receiving benefits.
Creditors of the deceased must be informed because the estate is responsible for paying all final bills and debts. The executor must first take
Source: https://www.thebalancemoney.com/executor-executrix-3505523
.lwrp .lwrp-list-row-container{
display: flex;
justify-content: space-between;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: calc(12% – 20px);
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){
}
.lwrp .lwrp-list-item img{
max-width: 100%;
height: auto;
object-fit: cover;
aspect-ratio: 1 / 1;
}
.lwrp .lwrp-list-item.lwrp-empty-list-item{
background: initial !important;
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{
}@media screen and (max-width: 480px) {
.lwrp.link-whisper-related-posts{
}
.lwrp .lwrp-title{
}.lwrp .lwrp-description{
}
.lwrp .lwrp-list-multi-container{
flex-direction: column;
}
.lwrp .lwrp-list-multi-container ul.lwrp-list{
margin-top: 0px;
margin-bottom: 0px;
padding-top: 0px;
padding-bottom: 0px;
}
.lwrp .lwrp-list-double,
.lwrp .lwrp-list-triple{
width: 100%;
}
.lwrp .lwrp-list-row-container{
justify-content: initial;
flex-direction: column;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: 100%;
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{
};
}
Leave a Reply