Executor

Sam · Posted: Thu Apr 15, 2004 2:06 am Post subject: Executor

An executor is a person named in a will who is entrusted with the responsibility of settling a deceased person's estate. Any person above the age of eighteen years and not convicted of a felony (serious crime) can be named executor of a will.

Lawyers, accountants and financial consultants are preferred in case of naming executors mainly because of their professional expertise. The executor's job involves several legal obligations and responsibilities. Hence, it is advisable to ask whether the person named as executor in a will is willing to serve as an executor or not. One may have been named as executor in a will but feels and expresses inability to serve as one. In such case one needs to file a document declining one's designation as executor with the court. Then the contingent executor (named in the will) will step in and take over the role of the executor. If no contingent executor is named in the will while the executor files a declination with the court, then, the court will appoint an executor.

For the proper disposal of the duties and responsibilities an executor may, however, seek professional help. An attorney's aid may be required for the probate process or an accountant may be needed for filing taxes. Such people may be hired and their fees may be considered chargeable to the estate as expenses of administration.

The first and foremost task of the executor is to verify the authenticity of the deceased person's will. In case the will is found to be not valid an administrator will be appointed by the appropriate court to handle the estate affairs. Upon declaration of the will to be valid by court the executor may begin discharging the following responsibilities:

Inventoring or stocktaking of the estate's involvements.
Appraising the property and ascertaining the estate assets as owned by the dispatcher of the will.
Paying out estate taxes, inheritance taxes and other taxes.
Paying bills and claims against the estate and settling debts owned by the deceased.
Collection of money due and handling estate assets like insurance, trusts and the like.
Distribution of assets and property as per the will to the respective beneficiaries.

The executor is legally obligated to carry out such responsibilities in conformance with the interests of the deceased and the beneficiaries of the estate - following the person's wishes as expressed in the will.

The estate is normally responsible for paying the executor a fee which may be specified in the will or determined by state regulation. The executor also has to be reimbursed from the estate funds for expenses incurred in the settlement of the estate.

It is experience which determines the efficiency of the executor. An efficient executor should be steadfast in defending of terms of will against squabbling heirs of property, handling unwarranted claims by outside parties and acting promptly to preserve the value and interests of the estate.

Guest 0.10 Dollars($)

My mother died last April in the UK. My brother has moved into her house, which she left to him and me half shares. The phone has been made into a silent number, and my brother will not release the cash she had in the bank for the grandchildren. What happens to me if he never does anything?

Samantha · Posted: Tue Feb 28, 2006 6:47 pm Post subject:

Hi Veronica,

Welcome to Mortgagefit Forums.

I can understand your anxiety. But you need not worry if she has already made a Will with your and your brother's names.

He has to give you your shares by any means even if there is no will which makes you an equal share holder in your mother's assets.

I shall advice you to consult an attorney on the matter and proceed as per his guidance.

God bless you.

For MortgageFit,
Samantha

All times are GMT - 7 Hours

Page 1 of 1