Executors have a high level of responsibility when it comes to managing and overseeing an estate. This process is difficult for everyone, but especially the executor, who acts in a managerial position.
What are their exact duties, though? What should you know about before selecting your own?
Collaboration and funeral matters
Forbes talks about the duties of an executor. As mentioned, executors act as a central figure in an estate plan. Everyone else will look to them for an idea of how to proceed with their own matters. In addition, they will have to collaborate with every other party in order to accomplish everything in accordance with the will.
It is up to the executor to manage the funeral and how the body gets handled, too. This means your executor has to set up the cremation or burial, organize any celebrations or gatherings, and ensure that your body ends up handled as you wished in your will.
Managing estate finances
They also handle a lot of financial business, too. This includes filing your final taxes, paying off any outstanding debts and continuing to pay necessary bills. They also need to end any services that are no longer necessary, thus ending any unnecessary drain on the assets of the estate.
Once probate is over – a process that can take years – they must then divide the remaining assets among your beneficiaries in accordance with your will. In short, this is a long-lasting project that requires a lot from the executor. You should choose yours based on who can handle this level of responsibility and pressure successfully.