Clients often ask, “do I need to appoint an Executor in my will?”, and “what does the executor need to do?” Appointing an Independent Executor in your Will is very important. This will be the person who carries out your wishes for the payment of your final debts, and distribution of your estate. This should definitely be someone you trust, and who will be responsible with your estate. The duties of your executor can vary depending on the complexity of your estate. Overall, the executor will manage your estate and ensure that everything is done according to the terms of your will.
Here are a few of the duties of an executor:
Protect Property and Pay Outstanding Debts
Make an Inventory of all property of the Estate
Estimate the Value of the Estate
Distribute the property according to the terms of the will
The main reason for having an executor is to facilitate the distribution of estate property to beneficiaries as efficiently as possible. To accomplish this, an executor may need to locate beneficiaries that haven’t come forward and supervise the distribution of all money and property in the manner outlined in the will. When all property has been distributed, the job of the executor is done, and the probate estate may be closed.
For more information contact a Probate attorney or Estate Attorney