What are the Responsibilities of an Executor of Will?

The Last Will and Testament is going to be one of the most important documents you create in your lifetime. It shall contain your last wishes and perhaps a final message for your loved ones. In addition to leaving an enforceable legal Will, you also have to designate an Executor of Will. The person you nominate to fulfill this role is in charge of carrying out your last requests. Therefore, it is essential that your choice is someone reliable and capable of shouldering the responsibility. Most people opt for an individual from immediate family, such as the surviving spouse or an adult heir. However, you can also elect a business partner, friend, or professional third party who is not a beneficiary of your estate.

If you appoint someone who is not willing to oblige, or fails to meet the requirements, they will be rejected and replaced by law enforcement.  Wills, Trusts & Estates Attorney In Woodbury, NY, enlists the basic responsibilities of an Executor of Will to help you make an informed decision:

1. Submission of Original Documents

The executor of will is supposed to retrieve the original copy of the last Will, as well as provide a verified death certificate of the deceased. These documents have to be submitted in the probate court, after which the court will issue letters of testamentary. The designated executor cannot officially perform their duties without receiving the court’s approval.

2. Notify interested parties of your demise

The executor of will has to communicate the news of your death to all parties interested and affected by it. This includes creditors, insurers, and banks where the decedent holds credit/deposit accounts.

3. Announce the ‘contesting period’

The contesting period is a time where relatives and heirs are allowed to challenge the validity of the Will or dispute its contents. Contesters usually have one year to serve their argument or put up a case, starting from the date the Will is probated.

4. Locate and Secure Assets

The person you choose to carry out the instructions of your Will must be able to locate all assets. Your assets include real estate, bank accounts, and valuable property, such as family heirlooms, collectibles, and expensive jewelry. Certain assets like a house/business may need to be maintained or managed until the title is transferred, or it is sold to distribute proceeds.

5. Supervision of matters regarding Probate

You may have created an estate plan that prevents your property from undergoing probate. It is also possible that the nature of your assets do not require probate or you qualify for small estate probate that is much simpler and quicker than the conventional procedure. Your executor must be able to supervise matters of estate, whether probate is applicable or not.

6. Pay off Debt and File Taxes

When a person dies, their debt and tax obligations are still there. The executor of Will has to file pending taxes and compensate debt collectors before distributing assets to the designated beneficiaries. At times, they may have to liquidate the deceased’s property to pay off creditors and then fairly distribute the remainder of the estate among legal heirs.

7. Distribution of Assets among specified Beneficiaries

The executor of will should be able to respect the deceased’s wishes, even if the contents of the Will are unexpected and not to their liking. They cannot demonstrate bias and attempt to modify the Will for personal gain. If any of the deceased’s property is unaccounted for, they should report it to probate court.

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