Whether you call this individual an executor or a personal representative, the responsibilities are the same. Appointing an executor of estate means selecting an individual who will carry out any details relating to your last will and testament.
Typical responsibilities of an executor might include:
- Collecting, recording and safeguarding your assets.
- Paying your debts, expenses, bills, utilities, taxes, etc.
- Distributing your remaining assets to any beneficiaries named in the will.
The actual responsibilities of an executor will vary by state and are governed by the probate court within that state. Working with an experienced estate attorney will always prove helpful.
It would also be helpful to utilize an executor who is skilled in financial matters and has a strong understanding of the will, any assets and the overall family situation. There are some restrictions as to who may serve as an executor, and again those restrictions will vary from state to state. The ideal candidate will also be someone who displays the following character traits:
- Organizational skills
- Communication skills
Selecting the right person to serve as executor of an estate will ensure prompt and accurate closure of the estate. Therefore, appointing an executor of estate is a serious decision that requires much thought. For more information and advice, please do not hesitate to contact The Olear Team today!