When creating an estate plan, there may come a time when you need to choose a will executor. Conversely, you may one day find that you are responsible for taking on this task.
Either way, it's imperative to understand the responsibilities of a will executor. This way, you'll know which decisions to make to ensure that everything is taken care of in the appropriate manner.
In short, a will executor is responsible for making sure that all assets are distributed according to the deceased person's wishes. Furthermore, the executor must also take care of any outstanding debts.
Some of the more specific responsibilities of a will executor include:
-- To locate the deceased person's assets, as to ensure they are distributed.
-- To get in touch with the people who were named in the will, such as those who are in line to receive an inheritance.
-- To file all the necessary documents with the probate court.
-- To pay off debts and creditors in a timely manner.
-- To pay final income taxes.
Some will executors are faced with all of these responsibilities. Others, however, will need to deal with more or less.
The creation of an estate plan is a detail oriented process, as you need to make decisions such as who will be the executor of your will. Once you understand the responsibilities, you can move forward with naming the right person.
There's nothing easy about this process, but when the executor takes the right steps and understands what is required, the process becomes a little easier.
Source: FindLaw, "What Does an Executor Do?," accessed Nov. 01, 2016