18 April, 07:49
What is the role of an executor in estate planning
18 April, 08:44
Settling the estate according to what the deceased person wants
18 April, 09:38
Role of an executor in estate planning:
An executor is nominated and named in a will to carry out the wishes of the deceased person. An executor's responsibilities include distributing properties of the deceased to beneficiaries as per the will, pays taxes and debts of the estates. The executor also has to use legal standing to offer the bill for probating purposes, examines the will and trust documents.
It should be noted that without the probating judge's approval, the funds will not be allocated, therefore the executor makes sure all the legal steps have been followed. While it may be an honor to be named an executor, if one isn't up to the responsibilities, he/she can decline the offer.
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