Looking On The Bright Side of
Roles of a Will Executor
Being appointed the executor of a will is an honor and a sign of respect and admiration, knowing that someone trusted you enough to be in-charge of his or her affairs after they are gone. Being named the executor of a will is a big responsibility that comes with a lot of work since everyone listed in the will is looking towards you to ensure that property and possessions are dealt with properly now! The executor of a will has numerous tasks that may differ from state to another and you can know some if you view here. You can read more now on the roles and duties of a will executor.
The act of dying might be quick and simple but collecting all the deceased person’s possessions and property to ensure they are taken care of is a different thing altogether. As a will executor, your first responsibility will be to collect all the assets and possessions left behind by the deceased and have control over them until they are distributed to the beneficiaries. The work of a will executor entails deciding to sell some of these assets on the open market or not.
Even though execution of most wills is often as straight forward as passing the assets to the surviving relatives which you can know more about here, sometimes initiation of probate court proceedings may be necessary. It is also the will executor’s responsibility to read the deceased person’s will and familiarize him or herself with the wishes regarding property distribution.
In the event that the deceased person did not leave behind a will which happens sometimes, the executor becomes an administrator in the distribution of property and assets by relying on state laws to determine the legal heirs to the assets. All the deceased person’s assets and property will remain in the custody of the will executor until ownership is formally passed to the inheriting parties and anything that remains after that is still his or her responsibility to dispose of. Disposing of the remaining assets after distribution can either be a short or lengthy process depending on the size of assets left behind.
The duties of a will executor can be many and will vary from one to another depending on the assets and properties that he or she has to be in-charge of. There is a lot that the executor of a will has to take on besides just passing on the assets to the legal heirs and it will determined by how much is left. These are the importance of naming a will executor.