To be prepared, you should:. Again, it is important that you have the time to do gather this information as soon as possible after you've agreed to be the executor. Executors are key in estate planning for individuals and their families and beneficiaries. The most basic step in estate planning involves writing a will. Other major estate planning tasks include:. While it is an honor to be selected as an executor, executing a will takes more work than you might think.
Before you agree to act as an executor, understand some of the hazards that can result. And know how you can address some of these potential hazards so that being an executor can run smoothly. Often when a parent has more than one adult child, all children are named as co-executors so as not to show favoritism. For those who are named, however, this arrangement may not work smoothly.
Some children may be out-of-state, or even out-of-country, making it difficult to handle the hands-on activities, such as securing assets and selling a home. Some lack the financial ability to deal with creditors, understand estate tax matters and do an accounting to satisfy beneficiaries that things have been properly handled. Also, having multiple executors adds greatly to the amount of paperwork.
For example, forms that need to be signed by all executors must be sent around to all in some cases, scanned documents that have been signed are acceptable, but in others only originals are acceptable. A better way: See if co-executors can agree to allow only one individual to serve; the others simply waive their appointment.
This waiver works well when co-executors trust the person who will serve as the sole executor. This costs money and is best suited for large estates. However, using an entity rather than an individual as executor can alleviate conflicts among the children and relieves them from what could be an onerous job.
Also, the will may give latitude to an executor in making disbursements to heirs e. An executor may create family disharmony for simply doing their job. A better way: Secure the home and other assets as quickly as possible. Inform heirs that this is the law. One of the biggest drawbacks to being an executor is the great amount of time it takes to properly handle responsibilities.
For example, think of the time involved in contacting various government agencies e. A better way : An executor can allow an estate attorney to handle many of these matters. However, the attorney will bill for their time and cost the estate money. Britannica English: Translation of executor for Arabic Speakers. Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!
Log in Sign Up. Save Word. Definition of executor. Examples of executor in a Sentence He named his daughter as his executor. First Known Use of executor 13th century, in the meaning defined at sense 1a. Learn More About executor. What Does an Executor Do Definition? Primary Duties of an Executor The primary duties of an executor vary according to state law and according to the complexity of individual estates, but generally they include the following: Notify relevant companies and agencies of the decedent's death.
Locate the will, determine what kind of probate is necessary, and file the will with the probate court. Set up a bank account for the estate. Locate and maintain the decedent's assets. Identify and locate the beneficiaries. The executor must locate the people who will be receiving the property. Notify creditors, file tax returns, and pay the estate's debts and taxes. Distribute property according to the will, including any remaining property. Represent the estate in court. The executor may be required to appear in court on behalf of the estate.
About the Author Michelle Kaminsky, Esq. Related Topics. Facebook Twitter. Of course, moderators have long existed in the offline world—lawmakers, police, and the courts can all be understood to be the executor s of a kind of moderation power.
At that point an executor will be in charge of activating the service. In September, during a hike in Franklin Park, Chasen told Smilgis that there was a new will and that she was still co- executor. If the lessee die, his executor or administrator can assign the remainder of his term.
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