An executor, sometimes known as a personal representative, is the person appointed to ensure that the terms of a decedent's the person who died will, which states the ultimate wishes of a deceased person, are carried out. Executors work on behalf of the estate from the moment of the decedent's death until the end of probate. Everything you own, including your money, personal property, homes, and other possessions, is considered a part of your estate.
Exactly How Do Executors Work?
An executor of estate duties is responsible for managing and protecting the estate's assets, handling tax and financial obligations, and distributing assets to the heirs of those who are entitled to an inheritance or asset. They are responsible for handling estate administration. A will and an executor are necessities regardless of your wealth or the size of the estate. Making a plan for your possessions, as well as any commitments or liabilities you may have, even if you only have a few, may make it easier for your loved ones to deal with the aftermath of your demise.
If you don't have a will, you'll have died "intestate," and your assets will be dispersed in line with the rules of your state. Instead of an executor, the probate court will choose an administrator, who is frequently a relative. The administrator's responsibilities are quite similar to those of an executor.
What am I expected to accomplish as an Executor?
Most likely, you currently have nothing to answer for. After the Testator passes away, you will be asked to assume the function of an Executor of Will and supervise and manage the Testator's Estate. Although they usually deal with the following, an Executor's specific tasks will vary by state and greatly depend on the specifics of the estate in issue.
• Putting together the estate's assets
• Making tax and debt payments for the estate
• Transferring money to recipients and heirs
• Submitting potential documents to a court that deals with probate proceedings, such a probate court
• If the circumstances permit, work with accountants and attorneys to complete some of the probate-related tasks.