A succession executor (or executrix) is an adult appointed to manage a deceased person’s assets. The principal responsibility of the executor is to carry out the orders for handling the affairs and wishes of the estate of the deceased. For cases where there was no previous appointment, the executor is appointed either by the will testator (the person who makes the will) or by a judge.
How Executors Work
The executor is responsible for ensuring that all assets are accounted for in the will, along with assigning said property to the appropriate party (parties). Assets can include financial assets, such as stocks, bonds, or investment in the money market; real estate; direct investment; or even collectibles such as are. As given in the Internal Revenue Code (IRC), the executor must measure the value of the estate by using either the date of death or the alternative valuation date.
The executor also needs to make sure that the deceased’s assets, including any penalties, are paid off. The executor is legally obliged to fulfil the deceased’s wishes and to behave in the deceased’s interest. The executor may be almost anybody but is generally a lawyer, accountant or member of the family, with the only limitation being that he or she must be over 18 years of age and have no prior convictions of felony. they won’t
Many people agree to be an executor thinking that they won’t have to do any work for many years. Doing the job correctly however means getting to work right away. In Jim Morrison’s terms, “The future is unpredictable, and the end is always near,” and agreeing to be an executor means that the legal duty can be appealed to at any time.
To be prepared, you should:
- Make sure the testator is keeping a list of assets and debts, including bank accounts, investment accounts, insurance policies, real estate, and so on.
- Know where the original will, and the asset list is being held and how to access them.
- Know the names and contact details of attorneys or agents named by the testator, and what their function is.
- Discuss the testator’s wishes as far as a funeral or memorial service, including instructions for burial or cremation.
- Discuss the will with the testator and, if possible, with the beneficiaries in order to minimize problems in the future.
- Have a copy of all these documents.
Furthermore, once you have agreed to be the executor, it is crucial that you have the time to gather this information as soon as possible.
Key Takeaways
- An executor is the person who administers a person’s estate upon their death.
- The primary duty is to carry out the wishes of the deceased person based on instructions spelled out in their will or trust documents, ensuring that assets are distributed to the intended beneficiaries.
- Being an executor is a large responsibility where potential hazards and complications may arise.