Duties of an executor and responsibilities in an estate affairs
Duties of an executor – Having read my previous posts on letter of administration and taking ownership of estate account of a deceased person, it then becomes necessary to highlight the duties of one of the principal actors in this arrangement, thus the Executor.
Also in this post are:
- Executor’s responsibilities to beneficiaries
- Duties of an executor UK
- Executor of estate
- Can an executor of a Will be a beneficiary
- What power does an executor of a Will have
- Executor of estate fees
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WHO IS AN EXECUTOR OF AN ESTATE
An executor is a person named in a Will to carry out the wishes of the deceased person. He or she actually offers the Will for probate, takes necessary actions to protect the assets of such estate, distributes properties to beneficiaries as well pays the debt and taxes of the estate, Forbes thought.
Ordinarily, the actionable activities of an estate falls on the executor, who could be liken to act in the place of the deceased and ultimately carries out written instructions/wishes as may be contained in the Will.
DUTIES OF AN EXECUTOR
- The executor offers the Will for probate, which funds are subject to disbursement with the express consent of the probate Judge, he also determines to an extent who inherits what
- The executor settles the funeral expenses of the deceased using the estate funds made available to him. However, before he could access the funds he must have obtained probate letter where there’s no trustee, then open an estate account.
- The executor locates, manage and disburses the assets of the estate at the appropriate time if need be
- The executor pays off the debts and tax of the estate, in a situation where the estate fund is not enough to offset these debts, neither the executor nor the beneficiaries will be liable.
- The executor cares for the estate assets until they’re finally distributed – Forbes
- The executor has the responsibility to inform the bank of the decedent’s death in due course.
- The executor ultimately becomes the representative of the estate in the court –Legalzoom
EXECUTORS RESPONSIBILITIES TO BENEFICIARIES
The executor takes care of the estate’s properties, as well ensure every beneficiary gets what is due to them in accordance with dictates of the Will. Where a Will is absent, traditions usually do it their own way to make sure members of the family are carried along and everyone gets what is due to them. He however protects the interest and represents the beneficiaries by running affairs of the estate.
CAN AN EXECUTOR OF A WILL BE A BENEFICIARY
The question to whether an executor can as well be a beneficiary of an estate/will has been a regular one, the simple answer to this question YES and NO.
It becomes “YES” if the executor is included as a beneficiary in the Will and “NO”if such executor is not included as a beneficiary.
Also note, your executors and beneficiaries could be the same people, it’s as well a good idea to ask someone you know and trust to be an Executor – co-oplegalservices
WHAT POWER DOES AN EXECUTOR OF A WILL HAS
The Will gives the Executor legal and financial powers to manage the estate, as well the power to keep or sell properties in the estate, to invest cash and to borrow money.
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EXECUTOR OF ESTATE FEES
Most executors are entitled to payment for their work, either by the terms of the Will or under state law. A will either names a flat fee or states that the executor can claim reasonable compensation see allaw
Duties of an executor are really important component of an estate, which to a great extend interprets how estate properties are being managed, to further apportion every beneficiary of a Will his/her own entitlements as specified in the Will.
Raphael Orji is a Digital Marketing Expert, Seasoned and Dynamic Freelancer, with interest in Banking, Personal finance, Entrepreneurial development. A Councillor and Motivational Speaker.
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