Just about everyone in the Lee County area knows what a will is, or has at least heard the term. A will is a very important document wherein a person names someone to manage his or her estate and assets upon death. While many people know the importance of having a will, not everyone knows how important of a role a will executor actually plays after the owner of the will, or the testator, passes away.
A will executor plays a significant role in overseeing what happens to the deceased’s assets and estate after he or she dies. While some people gladly accept this role, they may not actually know what it entails and what will be expected of them. First and foremost, the will executor is charged with carrying out the wishes of the testator. According to an article in Forbes, he or she will usually submit the will for probate.
The executor will also usually do whatever necessary to protect the estate’s assets, pay any debt or taxes owed by the estate, and make property distributions to all of the beneficiaries. Being an executor is not always easy and in fact, if the executor makes mistakes in managing the estate, he or she can be found liable. Therefore, if a person so chooses, he or she can refuse to be an executor. For this reason it’s wise to name an alternate executor in one’s will.
Meanwhile, according to Bankrate.com, an executor can also have several other responsibilities, including handling all the funeral arrangements and the burial. These costs are typically paid out of the estate. There are several other items that an executor can be charged with, which is why it’s so important to understand the role in its entirety before beginning the process.