YOUR DUTIES AS THE EXECUTOR OF AN ESTATE
Dec. 21, 2018
It can feel overwhelming to be named the executor of an estate. It means that you have to oversee the entire procedure of settling a person's estate after they have passed away.
If you do not feel comfortable with taking on the responsibility of being an executor after the person who appointed you passes away, you have the right to refuse. If you decide to do this, you only need to submit your resignation to the court. When you submit your resignation, you can recommend a suitable alternative, or give the court the responsibility of appointing a new executor.
What Are My Main Responsibilities as An Executor?
Your most important duty as an executor is to distribute the assets of the estate in accordance with the instructions laid out in the will. You should also make sure that all property is well maintained during the process so that it does not decrease in value because of degradation. You must also settle all bills using the estate assets and make sure that the estate has been properly taxed.
Where Do I Start the Process?
You should start by making sure that you have a copy of the latest will, and taking the time to have a good comprehension of the instructions in it. Occasionally, a will might have contradictory information, or some details may be unclear. Therefore, you should clear up any uncertainties with an experienced attorney.
If you're asked by a family member or friend to be the executor of their estate, it's essential to give the matter serious consideration before you agree. It's wise to learn what the responsibility involves.