What is an Executor?
An Executor is the individual chosen to administer the estate of a person who has passed. The Executor is usually declared by the decedent (the person who passed) in their will. If a person passes without having a will, if the will can not be validated, or the person chosen by the decedent can not act as the executor for any reason, a court will select an Executor / Administrator during the probate process.
What are the responsibilities of an Executor?
The Executor on an estate often has several important responsibilities. During the potentially lengthy probate process, the executor operates as the primary contact person for the estate. The estate Executor is responsible for completing all of the tasks required for probate to be finalized. The following is a list of some of the common duties of an estate Executor:
- The estate Executor is responsible for carrying out the wishes of the decedent
- Locating, collecting and maintaining the assets of the estate
- Obtaining legal or professional assistance for the estate if needed
- Maintaining or creating a bank account for the estate
- Alerting creditor and potential heirs of the passing of the decedent
- The cancelation or payment of expenses related to the decedents estate
- The payment of the decedents taxes with the estate funds
- The distribution of the assets to the beneficiaries once probate has concluded
Does an Executor get paid for their duties?
An Executor can be paid a reasonable fee for the work they do on behalf of the estate. Often times when the Executor is a close friend or relative of the decedent, they will choose not to request compensation for their duties. If the decedent has chosen an attorney or professional estate administrator, the courts will permit non excessive compensation providing the estate can afford the expense.