Being an executor of a will is a significant responsibility that requires someone who is trustworthy, responsible and organized. They must be able to manage the estate and deal with all kinds of legal issues, including property, taxes and financial affairs. In addition, they must be able to overcome emotional distress and make rational decisions, according to the terms of the will.
Who is best to be an executor of a will?
The executor is in charge of making sure all ongoing bills, funeral costs and income taxes are paid. They must also pay off any debts that need to be paid in full. They will likely be required to notify creditors of the death, and they may have a limited amount of time to submit a claim. This is typically done with the help of a lawyer.
It’s customary for an executor to get receipts and releases from beneficiaries of cash legacies before paying them. This helps ensure that the assets will be available to pay the deceased’s debts. In addition, an executor is responsible for figuring out who inherits the deceased’s property. They will read the will, or they will use state law (called intestate succession statutes) to determine who gets what.
An executor should know how to secure and sell real estate and/or securities, and they must be able to do an accounting audit for the deceased’s estate. In addition, they must be able find all the beneficiaries and heirs and communicate with them. Finally, an executor must file all required income tax returns for the deceased person.