Many people want to get ready in advance for what will happen when their life is over. This can be done through an estate plan that allows the individual to prepare for what will happen to their assets. When creating an estate plan, a person generally assigns a person to carry out their final wishes once their life is over. This person is known as an executor. An executor makes sure an estate plan is taken care of and handled the way it was intended to be by the deceased individual who made it. This is a very important job that requires several responsibilities.
What is the Job of an Executor?
The executor’s responsibilities begin when the individual who created the estate passes away. The main job of the executor is to manage the deceased’s estate and their assets. One of the first things an executor is required to do is bring the individual’s last will and testament to the court. With this, the process of probate can begin to determine if the document is valid. Once this is approved, the executor must handle any financial requirements of the estate. This can include completing outstanding payments or taxes that must be paid off. It can be beneficial to enlist an experienced attorney or accountant during this time to ensure the payments are made correctly.
When these tasks are completed, the executor can move on to the next important part of handling an estate plan. This requires them to distribute all the assets within the estate to the correct beneficiaries. However, there are cases in which a beneficiary may be doubtful of the content of a will and wish to contest its validity. When this happens, the executor must take care of the situation by clearing up any issues.
Choosing an Executor
When a person is creating an estate plan, appointing an executor is a crucial part. It is important to designate an executor that can be trusted, as the job is a huge responsibility that should be treated as such. An executor should be able to appropriately and skillfully carry out the deceased’s final wishes to the best of their ability.
It is important to know that an executor can be removed from their position. This may happen if they are not doing their job correctly. For example, if the executor is negligent or does not act in the deceased’s best interest. When this happens, a motion may be filed to have them removed from their role. A judge can then either approve or deny the motion and designate a new executor to finish the job.
Contact our Firm
If you or a family member is looking to create a will for your estate and wish to speak with an experienced attorney, contact Margaret M. Mahon, Esq. LLC today.
The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, or the taxes associated with them, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.