If you have been appointed as the executor of an estate, it may feel like you have been given an overwhelming responsibility. And while it can be difficult, especially if legal problems arise during the Probate of your loved one’s Will, you can make things much easier for yourself if you understand a few basic principles. Here are five things you need to know about being an executor:
- An executor is responsible for ensuring that the terms of a Last Will and Testament are carried out
- The most essential duty of an executor is to carry out the wishes contained in the will of the person who passed away. This means, for example, ensuring all assets are available and accounted for so they can be distributed to the decedent’s beneficiaries, as well as contacting beneficiaries so they can be made aware of their inheritances and also notifying family members who may not have been mentioned in the Will. It also means ensuring all paperwork is submitted correctly and on time so probate can proceed little to no issues.
- The executor represents the estate in any legal matters that arise
- As an executor, you represent the estate of the deceased in any legal matters that arise. This means, for example, that you represent the estate if there is any challenge to the Will. It also means you are responsible for representing the estate in addressing creditors who want to be paid from the estate assets.
- The executor is responsible for ensuring all expenses and taxes are paid
- An executor is also responsible for ensuring all fees and taxes associated with the estate are paid. This may include administrative fees, legal fees, as well as estate or gift taxes. This is critical as it ensures the process is able to move forward without being held up by unpaid bills.
- The executor may be paid from the estate for their work
- As an executor, you may be paid a certain amount of money for ensuring the estate is properly executed. How much you are paid depends on the size of the estate, usually representing a percentage of the estate’s total value and if the Will states you are entitled to a commission.
- An executor can be held legally responsible for any misconduct
- There are potential consequences for an executor who abuses their authority or who fails to carry out their duties as required. This could include fines and fees, losing the position of executor, to even potentially facing prison time for especially egregious misconduct. That is why you should make sure you are advised by a lawyer with experience handling estate law matters, who can ensure everything goes as smoothly as possible.
If you or a loved one are dealing with legal issues related to guardianships, or you are dealing with any other issue related to elder law, you will need specialized legal advice. The attorneys at Hobson-Williams, P.C. are skilled in all aspects of elder law, and are dedicated to representing clients with diligence and compassion. To speak to an attorney or to schedule a consultation, call 866-825-1LAW.
