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As a part of estate planning, an executor is named by an individual in their will as the person who will act as the estate’s representative when the person dies.
What is an Executor and What Are Executor Duties? As a part of estate planning, an executor is named by an individual in their will as the person who will act as the estate’s representative when the person dies. Such duties may include activities such as making estate disbursements, processing insurance claims, making donations and tax preparation. Overall, the responsibilities of the executor of a will are to follow the directives of the will and carry these out to the best of their ability. First of all, the executor of the will takes part in initiating probate where it is ensured that the will is valid and that the executor of the will is legally granted to act on behalf of the departed. To begin probate, obtain a copy of the will and simply fill out the appropriate form at a local courthouse or attain a lawyer who will do this for you. Another of the executor’s duties is to notify beneficiaries who are named in the will. Oftentimes this is carried out by way of letter. It is the executor’s duty to ensure the beneficiaries receive the bequeathed assets. Associates of the deceased should be contacted by the executor. This includes employers, partners, banks, or anyone with whom the departed had a business relationship. Contacting creditors is also one of the many executor duties. Notify creditors of the death and that payment will be made. The executor of a will is responsible for taking inventory of and appraising estate assets. These can include household items, real estate and bank accounts. Oftentimes the executor must arrange for the sale of assets and see that the proceeds are distributed to creditors and/or beneficiaries of the will. Finally, taxes must be filed by the executor. These include state, federal and estate taxes. For taxes, many executors of a will entrust a lawyer to assist with preparation and filing. Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR. To learn more about these free resources, please visit http://www.arkansas-estateplanning.com today.
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