What Is An Executor And What Do They Do?
If you are considering making or changing your will, you may have given some thought to who your executor should be. Maybe a friend or relative is making their will and has asked you to be their executor. What exactly is an executor and what do they do? This blog post will provide a brief answer to these questions.
An executor's duty is to make sure that a person's intentions are respected regarding the fate of their assets and property after their death. To do this, they are to oversee the paying of any outstanding debts of the decedent. They also oversee the distribution of assets and property to the decedent's beneficiaries after the debts are paid. These duties are called fiduciary duties, which simply means that the executor has a legal obligation to act in good faith in carrying out the wishes expressed in a will.
It's not necessary for an executor to be a lawyer or a financial expert. Although an executor isn't entitled to any of the proceeds of the sale of property of the estate, the executor may be entitled to a fee for administering the will. Specific tasks an executor may have to do include finding the decedent's assets, determining whether it is necessary to probate the will, finding and getting in touch with the decedent's beneficiaries, filing the will at the right probate court, paying off debts and taxes, and distributing assets and property to the beneficiaries.
It's common for people writing a will to enlist the help of an estate planning attorney for the job. Florida estate planning attorneys can also provide guidance for those seeking to select a suitable executor for their estate.
Rignanese & Associates is available to work with clients on their legal needs. Please reach out to us at 863.294.1114.
On behalf of Kelly Kennedy of J. Kelly Kennedy, Attorney/CPA, PLLC posted in Estate Administration on Wednesday, November 1, 2017. Tags: Estate Administration