When the majority of people develop their Last Will and Testament, they nominate a partner, partner, child or parent as the administrator of the Will without giving much thought to what the position of executor really entails. Once you comprehend the complex nature of the duties of an executor, you might decide to offer a little more thought to the choice of the executor.
State laws identify which estates are needed to go through formal probate and which estates can be probated without the need for formal probate. If an estate requires official probate, the duties of the executor will be many. Not surprisingly, the larger the estate and the more intricate the possessions or Will are, the more challenging the job of executor will be.
The job of executor begins by petitioning the appropriate court to open the probate of the estate. In addition to opening the probate, all beneficiaries called in the Will, all known financial institutions, and the public at big are usually required to be informed of the probate. The executor is then needed to identify, value and inventory all estate properties. This procedure may require skilled appraisals and needs a report to be made to the court when completed.
Creditors of the estate are then given a specific period to make claims against the estate. The administrator needs to examine the claims and authorize or reject them accordingly. Any difficulties to the Will by beneficiaries or creditor conflicts are likewise handled by the executor. Taxes, both of the decedent and the estate, should be submitted by the administrator and any tax responsibilities paid out of the estate assets.
The probate of even a moderate sized estate can take months to conclude. Only when all assets have been accounted formal lender claims handled and paid and all taxes submitted and paid can the administrator begin to move the staying properties to the recipients under the Will.
As you can see the job of executor is often time consuming, and made complex. Be sure to provide adequate consideration prior to picking your executor.