An executor, also called a personal representative, is a person who is asked to administer the estate upon death. This person has obligations to creditors, interested taxing authorities and beneficiaries, who receive assets under the will.
The duties also include:
- Filing the will with the probate court.
- Re-titling of certain assets and/or property as needed.
- Pay any debts owed.
- Locate insurance policies and file for claims.
- File tax returns when needed.
- Distribute remaining assets to beneficiaries.
The role of executor should not be chosen or accepted without careful consideration, as they are in a fiduciary position with immense responsibility. It is also wise to name a contingent or alternative executor in the event the primary one dies prematurely. Also, note that a person can elect two or more executors if a situation arises and requires one, and also that an executor may be removed if they fail to perform the duties required.
Managing WealthMaking a careful choice now can save your heirs from a lot of problems later.
RetirementHow to avoid 5 surprising hazards of being the executor of an estate.
Managing WealthExecuting a will takes more work than you might think. Make sure you are up to the task before agreeing to be an executor.
RetirementWhere do you start with estate planning? Here's a helpful outline to make sure your assets go where you want them to in the event of your death.
RetirementDigital estate planning is an important part of the estate planning process given today's tech-centric world. Here's how to create this type of plan.
Financial AdvisorInheritance is a double-edged sword, as leaving money can create estate tax burdens. Opting for a life insurance plan can help mitigate those burdens.
RetirementSibling battles over their parents' belongings are quite common. But open family discussions before the parent dies can often prevent them.
RetirementEstate planning is important for women because they often live longer than men and tend to make less money on average.
Managing WealthFind out why you shouldn't put off putting your affairs in order.