A will is a crucial legal document that is part of your estate plan. Your will can dictate beneficiaries that would benefit from your estate. To help ensure your assets are managed according to your last wishes, you can name an executor of the estate.
An executor is a role given to someone responsible and trustworthy to settle your estate after you pass away. While the main responsibility of the executor is to distribute assets to your beneficiaries, there are many duties the executor is expected to fulfill. Here is what you should know:
What are the duties of the executor?
An executor is often expected to complete many duties as they take on their role. These duties include:
- Locate the will: The executor may be responsible for looking for the will and any other legal documents that may be necessary to settle your estate.
- Submit the will to probate court: The executor is expected to submit the will to the probate court to have the will verified and begin the probate process.
- Collect death certificates: The executor should collect several copies of your death certificate, which will be used to prove your passing and collect benefits.
- Pay expenses: Any remaining expenses, such as taxes and debts, may be paid with the use of estate funds.
- Contact interested parties: The executor may need to reach out to banks, debt collectors and insurance companies to show that you have passed away.
- Locate assets: There may be several assets the executor is expected to locate, such as items in a bank deposit box or real estate.
- Contact beneficiaries: The executor’s last responsibility is typically to distribute assets to beneficiaries.
It is important that executors fulfill their duties in full or they could face legal issues. Legal guidance can help prepare an executor for their duties.