A will executor is the person appointed under a will to administer the estate of a deceased person. Their primary role is to carry out the instructions and wishes of the deceased as specified in the will. This includes managing the deceased's assets, paying any debts or taxes owed, and distributing the remaining estate to the beneficiaries named in the will.
Role and Responsibilities
- Taking care of funeral arrangements if specified.
- Valuing, securing, and protecting the deceased’s assets.
- Collecting and safeguarding estate property.
- Paying debts, taxes, and expenses from the estate.
- Applying for legal authority (such as a grant of probate) to administer the estate.
- Keeping accurate records of all transactions.
- Distributing assets to beneficiaries according to the will.
- Preparing estate accounts and tax returns.
Who Can Be an Executor?
An executor can be a family member, friend, lawyer, accountant, or even a financial institution. They must usually be over 18 and capable of managing legal and financial matters. Sometimes executors are also beneficiaries of the will.
In summary, an executor is the person legally appointed to ensure that the deceased’s last wishes are carried out accurately and that their estate is properly managed and distributed.
