What Does a Will Executor Do
Being appointed the executor of a will is an honor and a sign of respect and admiration, knowing that someone trusted you enough to be in-charge of his or her affairs after they are gone. Even though being named as the executor of a will is an honor as highlighted on this website, it’s a big responsibility that comes with a lot of work. The executor of a will has several responsibilities which might vary from one state to another and depending on the property left behind by the deceased. You can read more below on the things you need to know about will executors.
The act of dying might be quick and simple but collecting all the deceased person’s possessions and property to ensure they are taken care of is a different thing altogether. Therefore as you will learn, the first role of a will executor will be to ensure that he or she gets a handle on all the assets left behind by the recently deceased person. As highlighted on the homepage, the will executor has the power to decide whether to sell certain assets on the open market or not.
Even though execution of most wills is often as straight forward as passing the assets to the surviving relatives which you can know more about here, sometimes initiation of probate court proceedings may be necessary. With most people known to leave behind a will, it becomes your responsibility as an executor to go thorough go through it and ensure properly understand the deceased person’s wishes regarding how his or her properties are to be distributed.
Distributing assets when the deceased person has left a will is usually a little easy compared to where an executor has to consult state laws to determine legal heirs because there is no will present. However, it is still the executor’s responsibility to oversee the management of these properties and assets until they are passed over to the inheriting parties, as well as taking care of the remaining ones after distribution. The assets left behind that are to be distributed by an executor can either follow the proper channel stated by the law because they are many or disposed of very fast if they are few.
The duties of an executor are but not limited to the ones highlighted above because they will be dictated by how much assets and property was left behind by the deceased although you can free decline or quit the position at any time.. The roles of a will executor can either be simple or complex depending on the size of the estate to be managed. Discussed above are the roles of a will executor.