How to Obtain an Estate Executor
An estate executor oversees the administration and distribution of a deceased person's estate. The executor files the deceased's will in the correct probate court and determines the appropriate type of probate proceedings. Executors close bank and business accounts, pay outstanding bills and taxes and manage real estate and other assets until sold. Sale proceeds are deposited into the estate, which is settled according to the deceased's will. While an executor does not need a legal or financial background, she must be honest and trustworthy and ideally have no financial interest in the estate resolution.
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Instructions
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Follow the will's executor instructions. Examine the deceased's last will and testament, as a will is commonly known. Many wills name the preferred estate executor in the will itself. A will with a pre-named executor choice usually eliminates the need for a further executor search.
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List estate executor candidates. Prepare a list of executor prospects. Naming a beneficiary as executor usually reduces or eliminates the executor's fee and leaves more estate funds available for distribution. Realize that unhappy beneficiaries may challenge that executor choice, claiming that the chosen executor possesses an unfair advantage in the estate distribution. Consider an attorney, banker or other impartial professional; this is also appropriate for higher-dollar estates.
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Document the executor's agreement. Inform the chosen executor of the responsibilities required to complete the estate administration work. Estimate highly laborious work for a 12- to 18-month period. The executor must interact with the court, potential heirs and the Internal Revenue Service. Allow the executor prospect to review the will with an attorney before making a final decision. This provides the potential executor with a clearer picture of the estate resolution requirements, along with potentially contentious issues. Suggest that he serve as a co-executor with a bank or other financial institution if necessary. Finalize applicable executor documents in accordance with the probate court's instructions.
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Contact a financial or legal professional. If necessary, hire an accountant, financial adviser or estate attorney to administer the estate. This will eliminate any beneficiary concerns about the executor's impartiality or professional competence.
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