State Executor Roles
The person who carries out or executes the instructions in a will is called an estate executor . Obviously, your executor should be an person you trust. A lot of people choose their spouse, an adult child, a relative, a friend, or a trust company or attorney to fulfill this duty. Choose someone who can handle all of the financial matters involved with settling your estate, and check with that person ahead of time to make sure they are willing to assume the responsibility. Some states stipulate that the executor must be a state resident. It's a good idea to appoint an alternate executor in case the first person you name is unable or unwilling to fulfill the responsibility. The responsibilities of an estate executor are to, collect your assets, pay creditors, pay taxes, cancel credit cards and subscriptions, notify state and other agencies of death and distributing assets that are written in the will. But you can specify in your will that an estate executor waive payment in order to be eligible to serve as executor, this is only suitable if the person named is a beneficiary of the estate or a very close personal friend, since being an estate executor is time consuming. You should expect your estate to pay an independent executor for this service. Banks or trust companies will not serve as executors of estates unless entitled to payment. If no executor is named in a will, a probate judge will appoint one, most often a bank or an attorney. This will likely increase the cost. Here are some other things that the executor should do: • Set up bookkeeping records • Reregister stocks, bonds; arrange for collection of dividends and interest. • Inventory all items of property and arrange for their appraisal. • Examine all real estate as to condition, adequacy of insurance, status of taxes and assessments. • Collects rents, make reports, obtain tenants, maintain necessary insurance in force, arrange for electricity, fuel, telephone, etc. • Review all investments as to safety and quality; make necessary changes as prudence indicates. • Examine books and records of any business interest. Have necessary audits and appraisals made. • Supervise the family owned business. • Request allowance from court for support of deceased's family.
One must note that the court must first determine who are the heirs of the decedent. The executor is then required to notify the heirs in writing of the admission of the Will and the opening of the estate. The executor immediately must publish a written notice in a newspaper within the county of the Probate Court to notify potential creditors of the existence of the estate and the necessity for their filing of written claims against the estate. The law in Illinois provides such creditors six months to file those claims. Estate Software >> Estate Planning >> Estate Planning Forms >> Estate Planning Trust >> Living Trust Probate >> Missouri Living Trust >> Wills >> Probate Attorney >> Probate Tax >> Oregon Probate Law >> Vancouver Bc Real Estate >> Trust Lawyers >> Trusts Law |
