Know About the responsibilities of a Wills and Trust Executor During Will Planning
While you do your Will planning, you must appoint an executor. The chosen individual will be responsible for managing your finances after your demise. So if you are planning to create a Will, you need to appoint a trustworthy person as your executor.
This article will discuss the duties and responsibilities of a Will executor. Please keep reading the article to have a clear insight regarding the same.
Role of an Executor
An executor is an individual who takes the responsibility to manage all assets and finances after a person’s death. In other words, an executor is a personal representative who legally manages the estate of a deceased person. They also ensure no pending debts and taxes with the legal services corporation.
Ways to Appoint an Executor
While you sit down to write your will, you might think of some names that fit the position of executor. But before you head over to finalize the names, make sure that the person is willing to take the responsibility. Besides, there are certain other things that you need to consider. They are:
- The executor should possess a sound mind and shall be at least 18 years of age and above.
- The executor can be someone within the beneficiary or a third person outside, like an estate probate lawyer.
- You need to appoint a substitute executor if the original executor turns down their duty. If you have more queries in the same regard, feel free to contact your family Will lawyer.
- Ensure that the executor knows that they will be held responsible for any minor mistake.
Responsibilities and Duties of a Will Executor
Collated below are a few commonly existing duties of a Will executor. They are:
● Submitting the Will in the Probate Court
After your demise, the first responsibility of your appointed executor will be to have a clear understanding of your last will. Then the individual needs to submit your will to the probate court and validate your assets for distribution.
If required, your executor can also take the help of an estate probate attorney. And once the will is submitted to the court, the judge will determine whether or not the will contains errors.
● Identifying the Assets and Paying the Liabilities
Once the probate court validates your Will, the executor can gather your assets and liabilities. After this, the executor will ensure the proper distribution of the assets amongst the beneficiaries mentioned in the Wiill. On the other hand, the executor will use your estate funds and pay all the pending debts. They can also transfer the funds to an estate bank account for managing your financial assets.
● Defending Assets During Legal Proceedings
Sometimes, there might be critical family conflicts and litigation while distributing your assets. And this issue requires to be resolved in court with proper defending. So the executor will be responsible for protecting the estate if any situation arises.
There are chances of two types of litigation to arise – Caveat and Contesting a Will.
● Paying the Pending and Other Requisite Taxes
Besides rightfully distributing your property, the executor is also responsible for paying the pending taxes. They also need to notify the tax office to establish a tax return policy if they still earn before death. The executor might also contact a probate law firm if there is any difficulty in understanding.
● Terminating the Estate
The executor can close the estate once your assets are rightfully distributed to the respective beneficiaries. But before that, they need to submit the details of the undertaken procedures to the court. Once approved, the probate court will provide the executor with the granted commission rate.
Estates can be enormous and sometimes become very challenging to distribute them rightfully. So before you assign your executor, make sure you take advice from your asset protection attorney. And make sure that the executor complies with their given responsibilities.