#will executor services

An executor is a legal representative who implements everything written in the Will of a deceased person. He is authorized to allocate and manage the assets according to the Will. An executor truly holds an honorable position, but he has a lot of obligations.  

He has to distribute the deceased person’s assets and arrange for debt payments. In most cases, the nominees who benefit from the assets play the role of an executor. The Will executor services are also available from reliable companies. You can now check the major responsibilities of an executor. 

Maintain the estate until it is distributed- 

The executor will keep up a house till the day of its sale or distribution. He also decides on the potential to sell the property. Moreover, he manages personal assets in the estate to protect them until distribution.  

Have Will’s copy and then file it with the court- 

As a legal professional, the executor locates, reads, and understands the Will. Although the probate is not needed, the Will should be filed by him with the court. In this scenario, the executor decides on the inheritor of the property. 

Pay the taxes and debts related to the estate - 

The executor abides by state laws to notify the creditor. The income tax returns should also be filed properly until the decedent’s date of death. In case of a large estate, it is essential to pay federal and state-imposed estate taxes. 

Notify different agencies about the owner’s death- 

The deceased owner might have been associated with some government agencies, credit card agencies, and banks. So, the executor should inform them about the death of the decedent. 

Distribute and dispose of assets- 

The executor needs to distribute the property according to the wishes mentioned in the Will. In the absence of any Will, the intestacy laws in the state will be applicable. The executor also disposes of the assets after repaying the debts and allocating the wealth to beneficiaries. 

File the asset inventory with the court- 

Some states have a rule that the court should ask the executor to provide comprehensive asset details related to the probate process of the estate. 

Create a bank account for funds- 

In some cases, the decedent owes funds from different sources (like incoming paychecks). The executor needs to check the utilities, mortgages, and bills to be paid during the probate process. 

Represent the assets in the court- 

The executor will appear in the law court to deal with everything about the estate. It is to be noted that the estate size of every person is different. Still, there are some common roles of the executor. You can hire a legal professional to ensure the Will executor has complied with the laws.