What is an executor?
An Executor (or Executrix if female) is the person (or persons) responsible for carrying out the directions and requests in your Will. An Executor will be responsible for inventory and appraisment of assets, paying estate taxes and debts, and distributing property to your beneficiaries. If you die without a Will, the person serving in this capacity may be called the Administrator or Personal Representative.
Your executor is the individual you choose to manage and settle your estate after your passing. This is an important position and it is very important to choose your executor wisely. You must have faith in this person to be responsible and follow your directions regarding the distribution of your assets. Your executor may be a friend, relative, or trusted attorney.
An executor is a person or organization that you appoint to have the responsibility of seeing that the terms of your Will are carried out. Why should I appoint an Executor in my Will? An executor locates heirs and beneficiaries, pays debts, and distributes property to your beneficiaries. A relative or friend can serve as your executor, but you may consider using a professional executor (such as a bank or trust company) if you have a large estate. An executor should be someone who is familiar with managing property, financial matters, and record keeping. Before naming an executor, confirm that the person is willing to serve. Your Will can state that the executor is not required to furnish a bond or file inventories or returns, saving your estate expense and your executor a lot of time.
A. The executor’s job is to act as the legal representative of a deceased person’s probate estate. The executor is nominated in the decedent’s will and is appointed by the probate court upon admission of the will to probate. Once appointed, the executor’s main functions are to gather information about estate assets and liabilities, act as caretaker of the assets during the probate administration, and to keep accurate records of all estate transactions. These responsibilities specifically include the preparation of the estate inventory, the filing of various petitions to the probate court, and possibly the preparation of the federal estate tax return and estate income tax returns. During administration of the estate, the executor collects the estate’s assets and pays taxes and expenses on its behalf. The executor is responsible for approving and paying, or rejecting, creditors’ claims against the estate. The executor also has the authority, subject at times to court approval, to execute
