Are you considering having a will for your estate? If yes, then choosing the right executor will help you in many ways. An executor is a person who is given the responsibilities of taking care of your property and distributing the assets among your loved ones upon your death. So, selecting a capable executor will help you worry less about the happiness of your loved ones once you are gone.
Before considering how to choose an executor it is very important to understand who to choose. It has been seen that many individuals opt for choosing their dear ones as their executor, but instead it is important to choose the one who is competent enough to deal with your assets and its division.
Duties of An Executor
- One of the main duties of an executor is to get to know everything about your assets. This includes keeping a list of all banks, brokerage and retirement accounts. The executor should also keep an inventory of your personal valuables.
- It is very important for the executor to manage the estate perfectly. This means that he would be required to pay out any outstanding funds that the deceased might have left over. He should also be well informed about any payment due to the deceased, which he could then divide among the beneficiaries.
- Moreover, an executor is required to file the appropriate tax return to make payments of any due estate taxes.
- The executor will be required to prove to the probate court about all the due payments that have been made to the potential creditors.
- Last but not the least, after settling all these issues the executor will have to distribute the assets to its heirs as per the will of the deceased.
Judging a person on the basis of the capability to handle all these duties will help you to choose the perfect executor for your estate.