When creating your estate plan, you will have to name an executor. This is a crucial duty and one of the most important decisions you will make regarding this plan.
But what exactly do executors do? What sort of responsibilities will they hold?
An executor’s duties to the estate
Executor.org discusses what executors actually do. They hold numerous responsibilities to the estate and various members and participants related to it.
First, an executor holds a lot of duties to the estate itself. They need to pay your final taxes, maintain properties and ensure that any superfluous and unnecessary bills end. They also need to upkeep and pay any necessary bills, such as electricity in a property.
Dealing with debts
The executor must also handle any remaining debts that you leave behind. They will use estate funds to do so, so they must take care with this process. The assets used to pay debts also serve as the same set of assets that your beneficiaries will receive. Thus, the fewer debts you have left, the better for your beneficiaries.
Communicating with the bereaved
Related to that, the executor must deal with your grieving loved ones as it is their duty to disperse your assets in accordance with your will. They need to have the social skills and finesse required to politely discuss such matters with people who may still struggle with the situation at large.
Other duties and responsibilities also exist, so you should keep the enormity of this task in mind when choosing who to rely on.