A person or entity designated in a will as the executor or who is assumed to be functioning in that capacity is responsible for managing the distribution of the testator's assets.
Recommendations for Picking an Executor
- The proposed executor must be at least 18 years old.
- Substitute executors will be appointed if the original executor declines to fulfill his duties when actual action is necessary.
- The executor of the will may be one of the beneficiaries or a third party if a legal dispute is imminent.
- Although acting in good faith, the executor must be made aware that they are still accountable for any mistakes or missteps.
Responsibilities and obligations of an executor
- funeral expenses are paid from the testator's estate.
- acquiring the death certificate of the testator.
- the right application of the will and the distribution of assets to the designated beneficiary.
- listing the assets that will be sold or otherwise disposed of.
- up until their disposal, expense control for all properties.
- obtaining probate, which is necessary by law and acts as the executor's power's official declaration.
- asset distribution in accordance with a will.
- debts owed to the testator that must be paid or collected.
- maintaining a record of each transaction.
- With the exception of criminal and defamation lawsuits, the testator will be represented in all legal proceedings.
Advantages of Choosing an Executor
Thousands of lawsuits involving disagreements over family members' property are currently being heard in court.
The circumstances can give rise to such a problem:
If a person dies without leaving a will (intestate); if the will names one of the brothers or another person as the executor.
Because there was no will be left behind, the court first appoints an executor of will duties to execute the will. The administrator will dispose of the will in accordance with the testator's instructions. An administrator is also selected when a person's will does not name an executor.