The executor of an estate has a very big job to handle. This is why it is crucial to pick a person who you can trust, and who can handle the weight of the position.
But what exactly do executors have to do, anyway?
Management of finances
Forbes takes a look at the duties of executors. They act as a central, crucial figure of an estate plan which most others turn toward, including attorneys and financial advisors.
An executor takes care of many aspects of the estate plan and estate. For example, they manage the bills and finances. This can include repaying any outstanding debt, filing your final taxes and using estate assets to cover funerary costs if not already paid for in advance.
They also manage bills, i.e. continuing to pay off bills for necessary services and ending any unnecessary services.
Interactions with beneficiaries
On top of that, they need to have decent people skills because of their interactions with beneficiaries. They will handle dividing the remaining assets after probate, meaning they must interact directly with the beneficiaries to do so.
Timeliness and a strong sense of self-management are also both crucial. It is up to the executor to file things appropriately and ensure that all paperwork ends up turned in within the proper time limits.
This is why it is important to choose an executor based not only on who you trust but on who has the capabilities and skills needed to carry out such a complex and time-consuming duty.
