Executor Of Will – Learn What The Executor Responsibilities And Duties Are

Executor Of Will

If someone has asked you to be executor of will for them you will need to know exactly what responsibilities that will be included in this commitment. It is a dedicated process and you will need to ensure that you follow through on the commitment. When a person draws up a will they need to choose an executor. Anyone who does will ask that person if they would like the responsibility. Sometimes it is a person they know and other times it is an independent they know such as a law firm or accountant.

Whoever is chosen as the executor of a will needs to be an impartial party that will carry out the requests of the person who has drawn up a will and appointed you as executor. This means that if the executor is named as a beneficiary in the will the forfeit any rights and is passed on as being a beneficiary. An executor must have no financial or personal gain from carrying out the requests of the deceased.

When a person dies and has a will the executor’s job begins. It is their responsibility to gather information of the deceased, confirm it and then present it in probate. Knowing this information and where to find it in advance is the easiest way for the executor to do their job effectively.

As an executor you will first gather all of the information regarding the deceased and their debts and liabilities. Once this is collected you will then collect all of the information regarding any assets that the deceased has left behind. This includes but is not limited to personal property, liquid assets, bank accounts and any other accounts including stocks and bonds.

Once this information is collected and recorded the executor of will then file to a local registry for a grant regarding probate and sign a sworn affidavit that the information they have collected is correct and accurate. This may take several trips until all information is collected and correct and the executor must keep in touch and informing this agency of any updates that occur until a total declaration of value is completed and accurate.

It is the job then to execute the will as requested to any beneficiaries that have been named in conjunction with the net value of the estate of the deceased. A family meeting will be called to read the will and assign the gifting of the net property, etc. The executor will also help with the capital taxes that are assessed on the estate in relation to net value.

An account and review will be given by them and where the money has gone to equal the net value assesses and sworn by. This is a checks and balance system to ensure that all taxes have been pain and gifting has been done in full.

If a trust is assigned to a beneficiary the executor of will manage this trust and be responsible for it. If a minor is involved they will be in charge of it until the minor become legal age to manage it themselves or a date that the deceased has established.

Any other requests that the deceased has made an executor will take care of. It can be a process of a few weeks or many years depending on the estate. If you have been asked to execute the wishes of someone ensure that you are willing to make this commitment and that you have no vested interest in the estate if you do decide to become an executor.

Check Out Related Legal Topics:

Uniform Probate Code – Learn Why It Works Well For Smaller Estates

Special Needs Trust – Learn How It Will Help Your Disabled Family Member

Offshore Asset Protection – Learn Strategies To Protect Your Financial Assets

Asset Protection Trust – Beware Of Scams What You Should Know Before You Set-Up Asset Trust

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