In estate planning, there are a few key roles that must get filled in order for things to go smoothly. One of these is the executor of the estate. The executor is responsible for carrying out the wishes of the person who created the will, and they play a vital role in ensuring that things are done correctly and according to the law.
Who is an executor?
The executor is the person named in a will to introduce the document in the probate court and carry out the instructions in it. If you’re named as an executor, it is important to understand what your role is, what powers you hold and what responsibilities you have to the beneficiaries of the estate.
The responsibilities of an executor
One of the most important responsibilities of an executor is to locate and gather all of the assets of the estate. This includes property, bank accounts, investments and life insurance policies. Once all of the assets have been gathered, the executor will then need to pay any debts and taxes owed. After this is done, the executor will distribute the remaining assets to the beneficiaries according to the instructions in the will.
What happens when there is a dispute?
If there is a dispute among the beneficiaries, or if the executor is not carrying out their duties properly, it is possible for someone to file a petition with the court to have the executor removed. It is also possible for the court to appoint a new executor if it finds that this is necessary.
If you have been named as an executor, it is important to ensure that you are carrying out your duties correctly. Executors have a lot of responsibility, and if things are not done correctly, it can lead to delays, problems and even lawsuits.