Executor
Recent surveys suggest that up to two-thirds of American adults might not have valid wills. If a loved one in your family falls into this category, it’s worth stressing the importance of creating a will to them. They should strongly consider going through the estate planning process to create a will and appoint an executor for their estate as they do so.
The executor of a will plays a vital role in the probate process in the aftermath of a person’s death. They’ll make regular appearances in probate court and ensure every beneficiary listed in a person’s will receives their rightful inheritance. Learn more about what executors do below.
What Is an Executor?
An executor is someone appointed to execute another person’s will following their death. They’ll handle presenting a person’s will to a probate court before listing their assets and having them appraised while taking care of any outstanding debts they have. They’ll also work on distributing a person’s assets at the end of the probate process and close their estate once asset distribution is complete.
Who Appoints an Executor?
More often than not, an executor is appointed by a testator. This is the person who puts together a will in the first place. They’ll typically pick someone who is an immediate family member or a very close friend for this job; they will also have gotten that person’s permission to agree to serve in this capacity when the time comes.
In some instances, a testator either might not choose an executor when creating their will or they might not make a will and, therefore, won’t have a hand-picked executor to file a probate petition in the weeks after their death. In this case, a probate court can appoint an administrator and advise them to use the intestate succession laws in their state to distribute assets.
What Are the Main Duties of an Executor?
An executor will have quite a few duties to take care of following the death of a testator. First and foremost, they’ll take responsibility for presenting the proper probate paperwork in the right probate court. They’ll also take charge of securing copies of a person’s will and death certificate so they can file them in probate court.
But this is only the beginning for an executor. This person must also handle the following:
- Creating a list of a deceased person’s assets and appraising them
- Generating a list of a deceased person’s debts and paying back creditors
- Filing tax returns for a deceased person in certain cases
- Helping settle any family disputes that arise during the probate process
- Handling the opening and closing of a deceased person’s estate
An executor may or may not receive compensation for their work. A probate court and a family should plan to discuss this at the start of the probate process to see whether providing compensation is warranted.
What Are the Qualities of a Good Executor?
Not everyone is cut out to serve as an executor, especially when a testator has a large estate that contains a wide range of assets. A testator must choose an executor wisely. More specifically, they should aim to find an executor with a few important qualities that will help them when executing a will.
For an executor to be good at their appointed task, they must be:
- Organized
- Trustworthy
- Patient
- Responsible
- Available
An executor should also have excellent communication skills and enough integrity to abide by the probate laws in their state. If a testator selects the wrong executor, it could make the probate process even longer and more stressful than it already is.
Can an Estate Have More Than One Executor?
When a testator isn’t 100% sure who to choose to serve as an executor, they might be tempted to pick more than one person for the role. While this can work out in some instances, having an executor and a co-executor is usually not the best idea. It can add to the necessary paperwork and even cause familial conflicts in extreme cases.
Whenever possible, a testator should designate just one trusted person to assume the position of executor. This makes the probate process simpler than it would be otherwise.
Discover How Rockpoint Probate Funding Can Help You During a Loved One’s Probate Process
As long as your loved one appoints the right executor to carry out their last wishes, the probate process shouldn’t drag on for too long following their death. If, however, they choose an executor who is in over their head from the start, the process might not go according to plan.
Rockpoint Probate Funding can help you by providing a probate cash advance to hold you over until you receive an inheritance from a loved one. Give us a call at (888) 263-8588 today to discuss this option with one of our experienced representatives.
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