The executor of an estate issomeone who wraps up a deceased individual financial affairs. If the deceased has a will,the will usually names a close relative,friend,accountant,attorney or financial institution to act as executor of the will.
People also ask
What is the role of an executor of an estate?
The executor of an estate is the named party in the will that responsible for settling the estate of the deceased. If they檙e not named in the will, or there is no last will or testament, the court will appoint an executor (also known as an administrator) to fulfill the duties and distribute the assets.
How long does it take to serve as an executor?
Service as an executor typically lasts around a year from start to finish, but the time varies depending on the size and complexity of the estate. While as an executor, you must act in good faith, that does not mean you have to act alone. In fact, it is best to hire an estate attorney to help you with all the legal issues that must be handled.
Do you need a will to execute an estate?
Whether you檙e simply shopping for a will and wondering who to appoint as your own executor of estate or taking on that role yourself, you need a will! And if you didn see that before, taking on executor responsibilities will probably convince you of the need to take care of end-of-life issues today!
What do I do if someone as an executor?
Consult with an estate attorney to find out exactly what will be required of you if someone has asked you to act as executor. The executor’s first order of business is to submit the decedent last will and testament to the probate court for review and acceptance. This officially begins the process of opening the probate estate.