What happens to a person’s assets after they pass away does not have to be a mystery when they draft an estate plan. An estate plan allows a person to leave instructions for how their legacy is managed after they pass away.
When a person drafts an estate plan, they can choose who they want as the executor of their estate. An executor of the estate is a vital role established in an estate plan to help ensure the decedent’s last wishes are met. An executor is appointed to administer the contents of an estate. Here is what you should know about this role:
What are the duties of an executor?
The executor is expected to fulfil their legal obligation of managing the deceased person’s estate based on the instructions left in their will. There are a few key duties the executor is expected to carry out, including the following:
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Starting probate: The executor can submit a valid will, death certificate and other legal documents to the probate court to start the probate process.
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Settling debts and taxes: The executor may need to notify creditors to collect debts and pay taxes.
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Distributing assets: The executor is expected to contact beneficiaries and distribute their inheritance according to the deceased person’s last wishes.
It can take the executor a few months to over a year to carry out their duties during the probate process, depending on the complexity of the estate.
If an executor fails to fulfil their duties, it can lead to legal trouble. Professional legal guidance can help people prepare for the role of executor to avoid disputes.
