Being appointed the executor of a will is an honor and a sign of respect and admiration, knowing that someone trusted you enough to be in-charge of his or her affairs after they are gone. Being named the executor of a will is a big responsibility that comes with a lot of work since everyone listed in the will is looking towards you to ensure that property and possessions are dealt with properly now! Like listed on this website, the executor of a will has a large number of duties that differ on scope and complexity by several factors. Continue reading to learn more about will executors and their responsibilities.
When someone dies, the first step is to ensure everything he or she owned is taken care of and this is not always as easy as someone dying within just a few minutes like you will discover more here! As a will executor, your first responsibility will be to collect all the assets and possessions left behind by the deceased and have control over them until they are distributed to the beneficiaries. In some situations, the management of the deceased assets may require the executor to decide whether or not to sell the assets away on the open market and the management of these sales.
Besides getting his or her hand on the assets, it’s the executor’s responsibility to decide whether probate court proceedings will need to be initiated although it is not always a necessity. With most people known to leave behind a will, it becomes your responsibility as an executor to go thorough go through it and ensure properly understand the deceased person’s wishes regarding how his or her properties are to be distributed.
In the event that the deceased person did not leave behind a will which happens sometimes, the executor becomes an administrator in the distribution of property and assets by relying on state laws to determine the legal heirs to the assets. All the deceased person’s assets and property will remain in the custody of the will executor until ownership is formally passed to the inheriting parties and anything that remains after that is still his or her responsibility to dispose of. Disposing of the remaining assets after distribution can either be a short or lengthy process depending on the size of assets left behind.
The duties of an executor are but not limited to the ones highlighted above because they will be dictated by how much assets and property was left behind by the deceased although you can free decline or quit the position at any time.. As you can see, the roles of a will executor are not only limited to managing the assets and properties but a lot more. These are the importance of naming a will executor.