30 Sep
Being appointed the executor of a loved one’s estate is an honor, but it is a role that many people are unfamiliar with. The following is a brief overview of the role of the executor of an estate. This post does not contain legal advice, so those who need further information are encouraged to seek professional guidance on this topic.
What is an executor?
An executor is the person named in someone’s will. Their role is to carry out the terms of the will. It is important to take this role seriously, as mismanagement of the deceased’s estate could lead to personal liability.
What are some duties of an executor?
An executor has many legal duties. The following are some of these duties, but keep in mind this list is not all-exhaustive. Executors typically:
- Enter the will into probate
- Locate and manage estate assets
- Pay funeral and burial expenses
- Close financial accounts
- Cancel federal benefit payments
- Pay any remaining debts and taxes of the estate
- Distribute the remainder of the estate to the estate heirs
Many executors seek professional guidance when carrying out their duties
Many executors in the Fort Worth area may find that they need assistance in fulfilling their role. It is important that no step is overlooked. For this reason, it can help to seek the advice of an estate planning attorney, who can address any questions an executor may have when carrying out their duties. Estate administration can be complicated, but with the right help executors can fulfill their obligations to the estate and estate beneficiaries.