What do executors actually do?

On Behalf of | Nov 21, 2022 | Estate Planning | 0 comments

When planning an estate, it is important to understand the true function of an executor. This better helps you select a good person for the role.

But what do executors actually do? They are crucial to an estate plan, but in what way?

Leadership duties of executors

According to Forbes, executors actually do quite a lot of work on an estate. In fact, they essentially act as the estate’s manager from the moment of your death until the probate process is finally complete and they divide up the remaining assets to hand out to beneficiaries in accordance with your will.

Executors handle nearly all legal matters. This includes your outstanding debts, your final tax filing, any bills that need to be continued such as rent on a house or electricity payments, and so on. They also need to file any legal documents in accordance with their specific schedules.

They communicate not only with your professional team but also with your beneficiaries, i.e., your grieving loved ones. This requires a certain type of emotional strength and social skills.

The time and skill to tackle probate

Probate is a lengthy process, too. This means an executor needs to set aside the time it takes to manage an estate plan, which can take years. Someone with an unstable lifestyle is perhaps not the best suited to the job, even if they fit every other mark.

Of course, this means you need to start your planning in advance. This way, if one potential executor ends up not working out for whatever reason, you can easily look into another option with time to spare.