You have a property and you want to distribute it among your siblings. This requires some official or recorded activities. You need to ensure that you are doing all these by complying with the laws and regulations of the state.
A will Executor is one person that takes thorough responsibilities in the distribution of your finances and property to whom the property is to pass by default; by the law of inheritance. These professionals serve as the ‘legal personal representative” to manage the estate.
So if you are concerned and tensed why not take immediate advice from one of the competent Executor Services.
In this article, we are going to discuss the major duties and responsibilities of a Will Executor
Criteria To Be A Will Executor
There are certain criteria that need to be followed in order to appoint a Will Executor:
- A Will Executor appointed should be of 18 years of age and also of sound mind.
- The executor appointed maybe be either a beneficiary to the will of a third person.
- In case the original Executor denies fulfilling his duties a substitute executor shall be appointed.
- When the Will executive takes charge, he/she is liable for any errors or mistakes and acts in good faith.
Duties And Responsibilities Of An Executor
An executor must possess some core Qualities. Therefore if you are engaged in some Fiduciary duty you are required to act with good faith.
The Will executor performs a lot of responsibilities and duties. The complexities of the duties and responsibilities depend on the complexities of the will.
So let’s check out some of the duties and responsibilities that commonly need to be performed by the Will Executor.
1. Submitting The Will In Court
The task that the will executor needs to be performed by the will executive is locating the last will of the person who is no more.
After finding the will he/she distributes the will to the court. Whether or not to sell the securities owned by the person, is also decided by the individual. The judge will decide whether the will submitted to the court is legal or not.
2. Identification Of Assets And Paying The Liabilities
When the court validates the will, the executor starts its duty of gathering all the assets and liabilities of the deceased individual.
This includes the Certificates and testimonials of the legal estate holding, debit, and credit card statements, and other legal and financial documents.
3. Defending The Assets Of The Person Who Is Deceased
Conflicts and litigations arise when the property is distributed between the heir. Critical incidents arise during the discussion.
Under the circumstances, it now becomes important for the will executor to defend the estate.
4. Notifying Credit Card Companies And Agencies
When the individual dies it now becomes mandatory to notify different agencies like Government agencies, Bank and Credit Cards of the descendants, and social security administrators.
This is one prime responsibility. The will executor performs the duties and responsibilities.
5. Deciding On The Probate
When it comes to passing certain properties to the posterior generation or wife, do you think that Probate is always necessary? No, Probate is always not necessary.
Now if Probate is required, you need to file a petition with the court. This comes under the responsibility of the Will executor.
6. Setting A Bank Account For The Funds That Are Incoming
An executor needs to look out for the mortgages, utilities, and identical bills that need to be paid through the probate process.
7. Paying The Debts And Taxes Of The Estate
If the person who is deceased owes money to the creditors, the notification must be made. The will Executor needs to be made aware of it.
These responsibilities are undertaken majorly by the will executor. It might be possible that some part of the estate needs to be sold to pay debts to the creditor.
Here the auction process needs to be initiated under the legal observation of the will Executor.
8. Paying The Required Taxes
The Will Executive not only performs the function of distribution of property but also takes the responsibility of managing the Taxes.
Under the process, the legal team intimates the Tax office. They establish the Tax return policy if the individual was earning before death. It requires mention that in the US, the property must be worth over $11.18 million to qualify for taxation.
9. Closure Of The Estate
When the share of the heirs is decided, an account of all the procedures followed needs to be intimated to the court.
Once it gets approved by the judge, the distribution of funds takes place. Now when the entire proceeding is complete the Will Executive goes on to get a certain percentage in the form of commission. It generally varies between 0.5% to 3%.
A Will Executive needs to take full responsibility for the distribution of the assets and property.
This is a highly professional task and needs loads of experience. And the will executives are responsible for all the nitty-gritty of the overall procedure.