What happens to your assets after you pass away? With the use of a will, you can decide. You could choose family members or friends to inherit your estate after you pass away.
How will you know that your estate is administered according to your last wishes? This responsibility can be left to an executor of the estate. Here is what you should know:
What does an executor do?
An executor is tasked with administering an estate according to the instructions left in a will. This means the executor will look over assets and help ensure they are distributed to beneficiaries. However, this is typically the last thing the executor will do.
An executor is also responsible for submitting your will to probate court, which starts the probate process. Then the executor should collect death certificates, which are used to notify interested parties of your passing, such as your bank or creditors. The executor may be responsible for paying taxes, mortgage or debt. Once completed, the executor can settle your estate.
How do you pick an executor?
An executor can be anyone of legal age. Yet, you do not want just anyone as your executor. An executor has a fiduciary duty, which means they must act in your estate’s best interests. What this means is that you may want to pick someone who is trusted, responsible and organized. These are all a few important characteristics of a good executor.
If you need to pick an executor for your estate plan, you can reach out for legal help to learn more.