Executor of a Will 101
Would you like to know more about what an executor of a will is? Are you or someone you know an executor to a will? Are you looking to name an executor to your will? In any case, it is vitally important to know the duties of an executor of a will; the well-being of the estate relies on it.
The executor of a will is nominated by the maker of the will. The executor then carries out the wishes of the will. These tasks may include the disbursement of property to any beneficiaries, locating any additional potential heirs, collecting or paying the debts of the estate, and disapproving or approving claims from creditors.
But the duties of the executor go beyond the wishes of the will. The executor of the will must also maintain records of the estate, file any accountings, pay any taxes due, file state and federal tax returns for the decedent and the estate, locate any possible insurance policies, make any valid claims to receive benefits from insurance policies, manage all safe deposit boxes, and assist the estate lawyer in any way possible. Not to mention the power to sue or be sued on behalf of the estate.
The power and well being of the estate is in the executor's hands. However, a current executor of the will can be removed. If they fail to perform the duties, which include the ones described above, or if there is a conflict of interest between them and the estate, they may be petition to be removed from the position of executor. For someone to make this petition, they must have a stake in the estate and present evidence that the removal of the executor is appropriate.
Note the duties described above every single duty required of the executor of the will, but they do encompass most of them. Never hesitate to contact a professional for full information and peace of mind. Knowing the responsibilities and duties of those involved with the will process doesn't have to be a hassle. We're here to help