Executors hold an important role in a person’s estate plan. Many responsibilities fall on their shoulders.
But exactly what are those responsibilities? What parts of an estate does an executor actually oversee?
Managing finances
Forbes talks about the responsibilities held by executors. First, they often control the finances of the decedent in order to do things like file their final tax form, pay off any outstanding debt with estate assets and maintain necessary bills like electricity to houses that will soon go on the market.
Coordinating with others
Next, they will coordinate with other members of the estate plan like financial advisors or attorneys in order to ensure that all legal paperwork gets accomplished on time, and that estate assets measure out appropriately after debts get repaid.
Talking to beneficiaries
The executor will also handle discussions with people mentioned as beneficiaries in the will regarding matters of asset division. This is often an emotionally difficult process and the executor must have the social skills needed to navigate the situation calmly and appropriately.
Handling funerary matters
In addition, they also manage funeral arrangements, paying for things like flowers, headstones, caskets or cremation services with assets from the estate. They will also typically pay for any venues or services that the decedent may have wished for, too, and will try to meet their wishes to the best of their capabilities.
Needless to say, it is not a job that just anyone can manage. This is why it is important for a person to look at their executor options well in advance and discuss things with their intended executor thoroughly.
