Will executor refers to the legal representative appointed to administer the estate of a person who has died. Other common names include estate administrator, personal probate representative, probate executor and estate agent.
Regardless of the title, a will executor has a variety of duties and responsibilities to fulfill. Most often, estate administrators are appointed through the decedent’s last will and testament. When decedents die without a will (intestate) a probate judge will appoint an executor of the will unless someone volunteers for the position.
Unless the estate is protected through a trust, it must undergo the probate process. Trusts are the only option for avoiding probate. Trusts are administered by a will trustee executor. Required duties are substantially less involved with trusts than with probate.
When appointing an executor of a will, it is a good idea to discuss your decision with the person. Estate administrator duties can be time-consuming, emotionally-charged and challenging. The last will executor should be able to handle financial matters under stress and possess the ability to make difficult decisions.
When executing a last will and testament most people designate their spouse, adult children or close personal friend as their will administrator. Some prefer to hire an estate planner or probate lawyer.
Last will executors are compensated for their duties. Executor fees are regulated by each state and can be paid as a flat fee, percentage of the estate value, or at an hourly wage.
There are many factors to consider when appointing a will guardian. One aspect to consider is family dynamics. Death tends to bring out the best and worst in people. It is not uncommon for family dysfunction to rear its ugly head during probate. All-out-war can erupt over who should receive a piece of artwork or an heirloom jewelry piece.
Estate planners recommend appointing a primary and secondary executor. If the primary will executor is unwilling to assume duties, the secondary executor can quickly assume the role. Otherwise, probate will be delayed while a new probate executor is appointed.
Probate executors often work with an attorney or estate planning service to ensure legal documents are filed and the estate properly settled. Common estate administration duties include securing and appraising estate assets, sending notice to creditors, paying outstanding debts, filing a final tax return, and distributing assets to designated heirs.
Estate planning is an integral part of life planning. Regardless of the amount of property you own it is important to draft a last will and testament to state who will receive your personal belongings in the event of death.
If you die intestate, a probate judge will appoint a will executor and assets will be distributed based on probate laws. Don’t leave unfinished business for your loved ones to deal with. Wills can be created by downloading forms from the Internet, through a probate lawyer, or an estate planning service.
