Role of the Executor/ Trustee
Understanding The Important Role Of The Executor Or Trustee
When creating a will or trust, one of the most important decisions you will make is to appoint an executor or trustee. This person plays a major role in handling your assets and estate. It’s important to appoint someone you can trust and to let them know that you are giving them this responsibility.
The main role of an executor is to act on behalf of the estate during the probate process. As an executor, the first thing one must do is submit the decedent’s last will and a testament to the probate court. The executor is then required to attend a hearing where a judge determines whether the will is valid. This is also the time in which a person can contest a will. If nobody objects, the process can move forward.
The executor must also identify and gather all the decedents’ assets for safekeeping. Ideally, the deceased person will have listed everything in their will. The estate’s money is used to maintain all necessary assets. This means that the executor does not have to pay any money out of pocket so that the estate can operate. They are also in charge of alerting all necessary parties of the death, which is especially important if there is any remaining debt.
Lastly, the executor will submit documentation proving that they have completed all necessary steps. The judge will then grant the executor permission to distribute the remaining assets to beneficiaries that were named in the will. It is a lot to take care of, and the help of an experienced attorney can be extremely helpful.
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Whether you are appointed as an executor or are determining who your executor will be, it is imperative that you speak to a knowledgeable attorney.