Choosing someone to be the executor of your will is one of the biggest and most important decisions you’ll make. Whoever is bestowed the responsibility of handling your estate needs to be trustworthy, willing to honor your requests and in good health.Choosing someone to be the executor of your will is one of the biggest and most important decisions you’ll make. Whoever is bestowed the responsibility of handling your estate needs to be trustworthy, willing to honor your requests and in good health.
There are many duties associated with being the executor of someone’s estate, so make sure the person you’ve selected has a strong understanding of the responsibilities that come with the role of an executor.
An executor will perform the following duties:
- Filing a petition to admit the will to probate court.
- Collecting all assets, getting them appraised and distributing them as stated in your will.
- Accessing and collecting items from your safety deposit box.
- Working with banks to gain access to all accounts in your name.
- Locate tax information, real estate deeds, car liens, leases, mortgages and other important documents.
- Paying bills and taxes for the estate.
- Providing management to any owned rental properties.
- Filing income tax returns.
- Paying for attorney fees.
- Maintaining all properties until the estate has been settled.
- Making necessary court appearances involving the estate.
The executor of your estate will work closely with an attorney to carry out your wishes. The attorney will aid the executor through the probate process making sure that the terms of your will are met. Also take into account that the probate process involves court and lawyer fees, these fees are typically taken out of your estate property.