As you prepare your estate, you will have to choose an executor. Understanding what the executor does will help ensure that you pick the right person for the job. According to Forbes, the main duty is for the executor to carry out your wishes. However, the job entails much more than that.
The executor essentially takes over your estate and manages it after you die. He or she holds personal responsibility for the choices he or she makes concerning the estate. If the executor mismanages the estate, he or she is personally liable for any loses. Because of this, you want to ensure you choose someone who is responsible and fiscally sound.
This person also must present your will or estate plan to the court for probate. You must trust this person will make sure your wishes get to the court. This includes ensuring the authenticity of the documents.
He or she must protect your assets. This might become important if you fear heirs may argue over your estate. The executor distributes the assets according to your wishes. He or she must be someone who can handle dealing with any arguments or issues that may come up with your heirs.
Finally, this person manages your finances. This includes paying for your burial and funeral costs from the estate, settling any debt and closing accounts as needed. The executor also must settle all your tax obligations and the obligations of the estate.
It is essential to ensure you can trust the person you choose to be the executor of your estate and that the person is of sound mind and can handle the responsibilities. This information is for education and is not legal advice.