8 Essential Responsibilities of an Executor

The decision of who you appoint as the executor of your estate is not one that should be taken lightly. While it is true that many people automatically appoint their spouse or another close relative to act in this capacity, the reality is that it is a decision that should be thought out with the help and assistance of an experienced estate planning attorney. This will ensure that your final wishes will be seen to properly when the time comes.

What is an Executor?

Nominating an executor is a key step in estate planning as the executor is responsible for working with the Courts or Commissioner of Accounts (in Virginia) in carrying out the wishes of the deceased person and ensuring that their assets are distributed according to their wishes. An executor in estate administration is a person or organization that is appointed to manage the distribution of assets and settle any debts or liabilities of a deceased person, in accordance with the instructions outlined in their will.

8 Responsibilities Every Executor Will Have

The specific responsibilities of an executor in estate administration can vary depending on the laws of the jurisdiction in which the deceased person lived and the terms of their will. However, some common responsibilities of an executor include:

1. Gathering and inventorying the assets of the deceased person: This includes locating and valuing assets such as real estate, personal property, bank accounts, and investments.

2. Paying debts and taxes: The executor is responsible for paying any outstanding debts or taxes owed by the deceased person, including credit card balances, medical bills, and income taxes.

3. Distributing assets to beneficiaries: The executor is responsible for distributing the remaining net assets to the beneficiaries named in the will. This can include transferring ownership of property, liquidating or transferring assets, and distributing cash or other assets to beneficiaries.

4. Filing the Will and opening the probate: The executor is responsible for filing the Will with the appropriate court and opening the probate. This process involves proving the validity of the will and qualifying as executor. It also includes notifying the Heirs of the Estate.

5. Representing the estate in legal proceedings: The executor may be responsible for representing the estate in legal proceedings if there are disputes or challenges to the Will.

6. Final tax returns: The Executor is responsible for seeing that the final tax returns of the deceased are filed with the government.

7. Keeping accurate records and providing accountings: The executor is responsible for keeping detailed and accurate records of all transactions related to the estate and providing accountings to the beneficiaries and the Court or the Commissioner of Accounts. (Depends on state law.)

8. Closing the estate: Once all the debts and taxes are paid and assets are distributed, the executor is responsible for obtaining the Court’s or Commissioner’s order to close the estate.

It is important to note that these responsibilities may vary depending on the jurisdiction, laws, and the specific terms of the will. Therefore, it is advisable to consult a lawyer if you have any questions.

Considerations for Choosing the Right Executor

Choosing the right executor for your estate is an important decision that should be made carefully. Some considerations for choosing an executor include:

1. Trustworthiness: The executor will have access to personal and financial information and be responsible for handling sometimes significant sums of money. It is important to choose someone you trust to handle these responsibilities with integrity and honesty.

2. Ability to manage finances: The executor will be responsible for managing and distributing the assets of the estate, so it is important to choose someone who is comfortable handling financial matters and who has the necessary knowledge and experience, or is willing to learn and work with your trusted advisors.

3. Willingness to take on the role: Being an executor can be a significant undertaking, so it is important to choose someone who is willing and able to take on the responsibilities and will devote the time and energy to completing it in a timely manner.

4. Availability: The executor will be handling legal and financial matters, so it is important to choose someone who is geographically accessible or able to travel as necessary.

Work with an Experienced Virginia Estate Planning Attorney
If you are ready to develop your estate plan and choose an executor of your estate, we encourage you to reach out to our office today and schedule an appointment. Contact Wilson Law PLC today at 866-603-5976 to set up a meeting or fill out our contact form and we will call you to schedule your meeting.