Executor of Will
You don’t want to have the talk with your loved one – the thought of them not being around conjures up something too painful to want to talk about. But in order to have a Will be most effective, an Executor of the Will must be named.
The Executor plays an important role in the administration of the deceased person’s estate. This role includes ascertaining the assets of the estate and obtaining a valuation from relevant authorities. This assists in accurately disbursing the estate, as the Will outlines.
Being an Executor of a Will, while being vital to the distribution of the estate per the Will’s guidelines, can also be a very difficult position. It is important that the person making a Will chooses their Executor wisely. There must be clear communication so that the Executor is not left in the dark when the time comes to act on their position.
A few activities that the Executor may be required to perform are:
- Filing a copy of the Will for Probate
- Filing an inventory of the estate’s assets (part of Probate)
- Notifying banks, government agencies, and credit card companies of the death
- Paying the estate’s debts and taxes
- Maintaining any property until it can be distributed or sold
- Distributing assets, as outlined in the Will
Serving as the Executor of someone’s last Will and Testament can be an honor and, at the same time, the most terrifying experience of your life. Get the advice and information you need to help you confidently act as Executor when the time comes.