An executor of an estate is a person appointed to administer the last will of a deceased person. The principal duty of the executor is to carry out the instructions to manage the affairs and wishes of the deceased. The executor is appointed by the testator of the will (the person making the will) or by a court, in cases where there has been no prior appointment. An executor is the person or entity designated in a will to administer the deceased person's estate as indicated in the will. The executor's responsibilities include settling estate debts, selling ownership of the estate if necessary, and distributing assets to heirs and beneficiaries in accordance with the will.
The law states that executors are entitled to commissions for their services, which are paid out of the estate, unless the executor waives it. Consult with an estate attorney to find out exactly what will be required of you if someone has asked you to act as executor. For information on Surrogacy Court proceedings, an executor may contact the Surrogacy Court in the district or county in which the deceased person last resided (see the address list of substitute court clerks).Accounting will generally contain a commission calculation, unless the executor has waived compensation. Being an executor involves a significant amount of work and the person chosen must be trustworthy, responsible, organized and diligent.
Before paying any debt, the executor is responsible for ensuring that the estate's assets can cover all of them. The executor must estimate the value of the estate using the value of the date of death or the alternative valuation date, as provided in the Internal Revenue Code (IRC).The executor is also responsible for other tasks related to closing the deceased's affairs, such as paying creditors, issuing death notices, and filing final tax returns. Unless the will specifically provides otherwise, the executor must file a bond if he is not a resident of New York State, is not sufficiently responsible, or is obligated to own, manage, or invest real or personal property for the benefit of another person. Keep in mind that under California law, you can request the removal of an executor of the estate before you take action detrimental to the estate or its beneficiaries.
During the administration of the estate, which can take anywhere from a few months to several years, depending on the size and complexity of the estate, the executor is generally responsible for investing and managing assets of the estate and for managing any real estate or cooperative apartment. If you are looking to name an executor in your will, make sure you choose someone you trust, as they will oversee all estate planning and management of your finances after you have died. The Surrogacy Court handles, among other matters, succession of wills and appointment of executors, appointment of administrators who act as executors for assets of persons who die without valid will, and any dispute over validity of a will or administration of trust or an estate of deceased. The fundamental duties of executors have not changed much in last century but fulfilling them has become more complex. In conclusion, an executor is someone appointed by a court or by a testator to administer a deceased person's estate according to their wishes. This includes settling debts, selling ownership if necessary and distributing assets to heirs and beneficiaries according to their wishes.
It is important that you choose someone trustworthy and responsible when appointing an executor as they are responsible for managing your finances after your death.