When creating an estate plan, it is important to think long and hard about who will hold the position of executor. This is not simply a label or title with no substance: it is a demanding position that only certain people can fill.
To start, it is crucial to know the responsibilities of an executor. This can better facilitate the proper selection of one.
Handling the funeral
Executor looks at the many different responsibilities that executors of estates hold. First, it is up to the executor to manage and plan the funeral. This includes budgeting for expenses, meeting the decedent’s desires for their body and for the ceremony itself, and ensuring that the funeral goes smoothly.
Filing and recordkeeping
Executors also file the will with the Probate Court, obtaining the Death Certificate after doing so. In addition, they will also be in charge of nearly every other crucial document during the process of probate. This includes managing and organizing wills, trusts, and paperwork detailing debts or other matters of assets.
The executor is also in charge of notifying others of the decedent’s passing. This includes specifically any business entities, collection agencies, banks, non-profits and other companies that the decedent had any involvement in.
Managing the estate’s assets
They must also find, value and protect all assets of the estate. They must pay bills, maintain the property and so on using funds from the estate itself. Unnecessary spending sources like internet, subscriptions and memberships should also get canceled quickly to save as many assets for beneficiaries as possible.
It is a lot of communicating, planning, organizing and timely action, which is a steep set of tasks for anyone.
