An executor is an individual who is appointed by a person in their will to manage and administer their estate after their death. This involves carrying out the deceased person’s instructions and wishes as specified in their will. The executor has several key responsibilities, which include:
1. Probate Process: The executor initiates the probate process, which is the legal process of validating the will and distributing the deceased person’s assets as per their wishes.
2. Asset Management: Executors are responsible for managing and safeguarding the deceased person’s assets during the probate process. This may include real estate, bank accounts, investments, and personal property.
3. Debt Settlement: Executors must identify and pay any outstanding debts and taxes owed by the deceased person’s estate. This involves notifying creditors and settling financial obligations.
4. Distribution of Assets: Once debts and taxes are settled, the executor oversees the distribution of the remaining assets to the beneficiaries named in the will.
5. Legal Documentation: Executors are required to prepare and file necessary legal documents with the probate court, ensuring that the estate is administered in compliance with applicable laws.
6. Communication with Beneficiaries: Executors communicate with beneficiaries to keep them informed about the progress of the probate process and the distribution of assets.
Executors are usually selected by the testator (the person creating the will) based on trustworthiness, reliability, and their ability to carry out the responsibilities outlined in the will.
If the deceased person did not appoint an executor in their will, the court may appoint an administrator to perform similar duties.