You may be asked who you want as your executor when drafting an estate plan. Simply put, an executor is responsible for managing your assets after you pass away.
The role of executor is not a simple job that should be taken lightly. It can help to understand what an executor does before choosing one for your estate plan. Here is what you should know:
What are the responsibilities of the executor?
As mentioned above, an executor’s role is to manage your assets according to your last wishes. However, this does not mean your loved ones will inherit your assets immediately after you pass away. The executor must collect death certificates and file your will to probate court to initiate the probate process.
During the probate process, the executor is responsible for resolving any unpaid debts and taxes. Then they can reach out to beneficiaries who may be entitled to a part of your estate. The probate process can take months once it begins and resolves when the last of your estate is distributed.
Who should be the executor of your estate?
An executor can be a spouse, child, loved one or friend. This does not mean your executor should be the first person that comes to mind. An executor often needs to have the skills and understanding to manage a large estate. Executing an estate also involves a large time commitment. You can consider someone you trust and who knows how you want your estate to be managed. Before picking an executor of the estate, you may need to reach out to professional legal guidance to learn more.
