Important Functions 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 several responsibilities which might vary from one state to another and depending on the property left behind by the deceased. You can read more now on the roles and duties of a will executor.
Even though a will owner might pass on very quickly, the mess of logistics that he or she leaves behind might take a while to clean since you have to ensure everything is taken care of. Therefore as you will learn, the first role of a will executor will be to ensure that he or she gets a handle on all the assets left behind by the recently deceased person. As highlighted on the homepage, the will executor has the power to decide whether to sell certain 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.
Distributing assets when the deceased person has left a will is usually a little easy compared to where an executor has to consult state laws to determine legal heirs because there is no will present. 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.
Besides the ones highlighted above, an executor has additional tasks too that will vary depending on the size of estate left behind by the deceased person, however, it is also important to note that an executor quit the position at any time during the process. The roles of a will executor can either be simple or complex depending on the size of the estate to be managed. Discussed above are the roles of a will executor.