An executor of a will is a legal person or entity that can take control of a deceased person’s property during the process of drafting and issuing an executor’s will.
Assigning an executor does not mean the deceased has access to their property. The assigned executor must go through the will-receiving person and select which property they wish to be distributed.
Once this process is complete, the assigned executor sends all relevant documents to the court for distribution. The court then distributes these documents as if they were part of the original will.
This process can be tricky, as it depends on who chooses who to look at and why! There are many reasons someone might refuse to serve as an executor, or choose another one rather than themselves.
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Take control of the will execution
An executor of a will has two main duties: making choices about who gets your belongings and taking steps to make sure those choices are met.
As the person named as the author in the will, you can choose whether or not to have an executor. There are no legal requirements for an executor, however. They can serve as a role model for others and help them understand how will be important in their lives again.
An executor usually works as an independent contractor. He or she charges a flat fee for their services, which covers production costs such as producing a will, paying a lawyer to draw up the will, and paying a funeral director to arrange a funeral for your pet.
The second duty of an executor is to take steps to ensure that all people named as beneficiaries in the will receive what they are owed.
Provide notice to heirs
An executor of a will has the power to provide notice to heirs. This can be done in several ways.
An executor can give notice using a Notice To Heirs form. The form includes instructions for who should receive what property and when.
He or she can also send a Notice To Heirs letter. These are very important to send-in due to family law issues.
If an executor doesn’t send a Notice To Heirs letter or send it as soon as they get the property, then someone else may receive the property before they do. This could happen when someone uses the property for something illegal, for example.
Either way, it is very important that someone gets this notification in order for them to take action.
Cooperate with attorneys for heirs
An executor of a will has several responsibilities. One of his or her responsibilities is to help heirs coordinate with the attorney responsible for administering the deceased person’s estate.
As the executor of the will, you and your attorney are responsible for helping the next of kin and friends of the person who owns the property plan a funeral and arrange an invitee notification procedure. You also identify any possible witnesses and arrange their contact details, if needed.
You also play a role as an heir-apprentice in identifying potential heirs and cooperating with them to find a burial site and timing of proceedings. If one person is deceased, then another person in the family assumes responsibility for paying for burial and contacting invitees.
Finally, as an executor, you are responsible for administering the estate under applicable law. Depending on your role, this may include transferring funds from other estates, establishing trusts, etc.
Handle any challenges to the will
If the deceased has a will, the executor of that will can also handle any challenges to it.
Like any legal document, a will can be challenged in the courts if the conditions in it are not met. These include deaths during or after its validity period has begun.
So, if the deceased had a dream about living off money he/she accumulated over his/her life, and the executor makes sure those dreams come true before the will expires, then there’s no issue with that.
However, if there was a very clear vision of what the individual wanted life to be like before they died, and those wishes are fulfilled by someone else when they die, then there’s a possibility that someone else cannot alter that to add their power to it. It would have to be respected by authorities.
Distribute assets according to the will
An executor has the power to distribute assets in a will. These include property such as money, items, and/or farmland that is designated in the will.
Some properties are more valuable than others. If you have special importance to a certain property, an executor can give you more assets on that property than the rest.
As the executor, you can legally assign your powers in your will. For example, you can say that your special importance to a property gives you legal right to it and no one else can own it except you.
You can also say that if someone dies with too much in possession of the executor, then they must distribute some of it according to what voters need! If a person has too much property they may not be distributed according to what needs are met.
Make sure all assets are accounted for
If the deceased left money or assets to someone other than the spouse, then that person must make an appointment with the estate lawyer to take charge of the property and assets.
As an executor, you would be responsible for collecting all payments from the parties that contributed to your inheritance and distributing it to those you choose. You would also have authority to make changes in how the funds are distributed as well as appeal any distribution decisions.
What makes an executor a power player is that they can decide whether or not to sell personal property such as houses or cars if it is a reasonable amount of money left. If they do decide to sell, then someone else can purchase the property for a reasonable amount of money.
Being an executor does have its benefits though. You get paid by the company you work for to handle collections and appeals. You also receive credit on your retirement plan distributions.
Pay any debts against the estate
If there are outstanding debts that the deceased owed before they died, the estate can still claim back some of their assets due to a will. This is called payback or restitution.
There are two types of restitution: debt collection and asset distribution. Debt collection retribution occurs when a deceased’s assets are used to make payments on debts against someone else.
Asset distribution restitution occurs when the estate legally transfers some of the deceased’s assets to an innocent person so that that person can use them for personal purposes without anyone else being involved. For example, the estate could distribute money to a widow or children who were not involved in the deceased’s life.
Whether or not payback or restitution takes place in a will depends on who has both resources and when to apply it.
Receive cash-flow from estate assets
When a person dies, an executor of the person’s estate’s will receives cash-flow from the assets that the deceased person owned. The executor can either recharacterize inherited money as property inheritance or use it to buy new assets.
If the deceased had substantial cash-flow needs, then he or she might appoint an heir to receive periodic checks from the estate. This would help ensure that the heir has enough funding to carry out their duties.
Appointees are often required to live up to their appointment and properly account for all finances and people they include. If a family member doesn’t qualify as an appointee, the remaining estate can buy new assets to establish a foothold for future revenue.