As an individual preparing a will for yourself for your day of departure, it’s essential for you to know the role different people will play in its execution. An executor is someone you will want to appoint to handle some of the affairs regarding your will. Here’s some information about that person and what his or her limitations are:
What Is an Executor?
An executor is a person you choose to carry out or "execute" the distributions you outlined in your will. In other words, this person will read your will and ensure that all beneficiaries receive their allotments. He or she will also pay the bills and handle other crucial tasks.
What Things Can an Executor Do?
Executors can do a variety of tasks, and these are some of the most common:
Executors of wills/trustees of family trusts can liquidate the assets of the deceased party and use the funds for various purposes, up to and including paying for medical and funeral expenses.
The executor may file paperwork regarding court proceedings. In fact, he or she will most likely have to partake in that task frequently.
The executor will most likely need to pay debts for the deceased party. He or she will likely have to pay household living bills, medical expenses, and funeral costs as well.
The executor can use the money from the asset liquidation to hire third-party professionals who can assist with some tasks involved with will execution. These professionals can inform the person about important laws or beneficial processes.
What Things Can’t an Executor Do?
These are some things executors do not have permission or rights to do:
Change the Will in any Way
Executors must not make any changes to the deceased person’s will. The action is illegal and severely punishable.
Sign the Will for Someone Else
The executor may not sign the will for the deceased party or anyone else.
Execute the Will Before the Testator’s Death
It is not lawful to execute any part of the will before the deceased party’s demise. That person must wait until the individual is no longer among the living to carry out the tasks set forth in the will.
Can an Executor Consult With a Third Party?
Yes, an executor can consult with a third party about how to perform his or her duties. As mentioned earlier, the executor can use funds from the estate to hire professionals like lawyers and financial advisors who can assist with helping that person to make decisions for the estate. It’s in the executor’s best interest to contact third parties rather than make tough decisions without expertise.
Can an Executor Be a Beneficiary?
There is no law against executors also being beneficiaries. In fact, many executors are beneficiaries. The executor can distribute the funds to all the beneficiaries, including himself or herself. There is no issue as long as the beneficiary acts in the best interests of all parties.
You should now firmly understand the duties and permissions of a will executor and administrator of estate matters. Now you can make the most informed decisions about who to assign those duties for your assets.
Categorised in: Estate Lawyer