The executor of an estate has a crucial role in many ways. It is important for them to have a thorough run-down of what to expect before they take on the job.
But what duties do executors have, exactly? What sort of things do they watch over when it comes to managing an estate plan?
Handling funerary affairs
Executor discusses the duties held by those who hold the position of the estate executor. Generally, estate plan executors act as the lead management of the estate plan itself. Any other role within the plan, such as lawyers or financial advisors, will have to consult with the executor at some point.
They handle affairs such as the funeral and take care of having the body of the deceased handled as well. They manage any potential ceremony, coffins or caskets, urns or cremation, and more. They will use estate assets to pay for this.
They also manage any bills, paying those that need continuation through probate and ending the services that do not have a purpose anymore. They will also handle any outstanding debts along with filing the decedent’s final taxes.
Finally, it is their job to divide the assets among the beneficiaries in accordance with a will. This will usually happen after probate if probate is necessary. This process can sometimes take years, so the executor will likely be working on this project for quite a while.
In accordance with these duties, executors need strong self-management skills, leadership skills, people and communication skills and organizational capabilities. It is a demanding position and not just anyone can manage it.