What Is a Will Executor?
Every Last Will and Testament names an individual or entity to serve as excecutor of the estate once the maker of the will passes on. Sometimes a relative, sometimes a friend of the family, anyone over the age of 18 and not convicted of a felony can fill the role. The executor has very real and significant responsibilities to carry out with the probate court and should be someone honest, trustworthy and capable.
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Function
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The executor of a will plays two key roles. First, she is responsible for carrying out the terms of the will, which usually means transferring property to its new rightful owners. The size and extent of the estate will determine how complicated this part of the job might be. Second, and perhaps more importantly, the executor is charged by the probate court to handle all the other legal proceedings involved with discharging an estate. This can include compiling all the deceased's outstanding debts, notifying creditors and settling any claims against the estate.
Types
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Probate court deals with two types of estates. Testate is the term referring to an estate in which a valid will has been produced. The executor is then bound to fulfill the terms of the will as best as possible with whatever resources remain. In an intestate case, no will is entered with the court. In these cases an administrator is nominated by the court to carry out the same basic functions as would be filled by an executor. Most states have laws governing intestate succession to determine the beneficiaries of any assets.
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Considerations
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The work of an executor is extremely detail-oriented. In additional to dealing directly with the probate court, the executor will likely have to provide copies of the death certificate to insurance companies and financial institutions holding assets of the estate. They may have to oversee the sale or re-titling of real estate and other property, liquidate or transfer stock in brokerage accounts and file tax returns on behalf of the estate. Also, until the assets are distributed, the executor assumes title of the estate assets and can sue or be sued on behalf of the estate.
Warning
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Though it is not easy to accomplish, an executor can be removed from her position if she fails to conduct her responsibilities or if there is a conflict of interest. Anyone with a stake in the estate, like a beneficiary, can move the court to remove the executor and must demonstrate sufficient grounds for doing so. The probate judge then makes the final determination.
Effects
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The final task of the executor, after settling all liabilities and distributing any remaining assets to beneficiaries, is to file a final report with the probate court that summarizes all the receipts and disbursements of the estate, and all other acts taken by the executor. A copy of the report must be provided to the beneficiaries, who can object to any items in the report. In some cases, beneficiaries may disagree with the decisions of the executor, and objecting to the report is a way to voice dissatisfaction or animosity that may result. If the executor operated according to the will and within the law, however, she's unlikely to face any serious consequences. Once any objections to the report are settled, the court discharges the executor from duty.
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