Estate planning largely involves setting up legal documents that provide instructions on how your assets should be distributed upon your death. These documents don’t do all of the work, though. You’ll need to designate key people, such as an executor, to carry out your instructions.
The role of executor is very important. What exactly does an executor do?
Notify relevant parties of your death
Upon your death, the executor of your estate will need to inform a number of parties. For instance, they will need to inform banks, government agencies and creditors. The executor will also have to locate a copy of your will and send it to the probate court. Probate isn’t always necessary, but the court will still need to check the authenticity of the estate plan documents.
If your estate contains a house or other real estate, it will fall on the executor to ensure that it is maintained until it can be sold or passed on to beneficiaries. The executor is also responsible for keeping other items safe, such as jewelry, vehicles and even sentimental items that are set to be inherited.
They are responsible for this until the point that the assets can be distributed. The executor will also be responsible for overseeing the distribution process. They must make sure that assets go to their designated beneficiaries.
The executor plays a crucial role in the administration of the estate according to the terms outlined by the deceased. When choosing the person who will have this role for your estate and making other decisions regarding your estate, it will benefit you to have experienced legal guidance.