An executor of an estate is a person appointed to administer the last will of a deceased person. The executor's main duty is to carry out. 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 important part of making a will is naming someone to act as your executor, also called a personal representative in some states. What is an executor? The executor is the person who will be in charge of your estate after your death. The executor will pool your assets and keep them safe, pay debts and taxes, and distribute your assets according to the terms of your will. 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 duties include settling the estate's debts, selling ownership of the estate if necessary, and distributing the assets to the heirs and beneficiaries in accordance with the will. An executor is a person named in your will or appointed by the court if you don't have a will. They have a legal responsibility to ensure that the terms of the will are complied with and that the deceased person's affairs are terminated. Once they understand the taxes owed, the executor must prepare and file a federal or state estate tax return (or possibly both).
When a person names an executor in their will, they also have the option of including a backup executor in case the principal executor is unable or unwilling to assume the role. If you are appointed executor or plan to accept that appointment, it is essential that you understand your duties and limitations, as you are handling the highly confidential content of a loved one's estate. The executor's payment comes out of the estate, which decreases the amount that remains to be transferred to the beneficiaries. The executor of a will is a person chosen by the deceased and appointed by law to oversee the collection of assets, the settlement of debts, and the distribution of belongings to heirs.
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 the assets of the estate and for taking care of the administration of any real estate or cooperative apartment. Unless the will specifically provides otherwise, the executor must file a bond if he is not a resident of the State of New York, is not responsible enough, or is obligated to own, manage, or invest real or personal property for the benefit of another person. The executor is also responsible for paying income tax and filing income tax returns for any income earned from the estate during the course of administration. Although an executor is not legally required to obtain the assistance of a lawyer to legalize the will, it would be advisable to do so.
If you object to the way the executor handles the estate, you could respond to a Notice of Proposed Action or ask the court for an order that prevents the executor from taking a specific action. The executor's task is to fulfill the final wishes of the deceased person, as stated in his last will and will. Since in major estates, complex tax choices often have to be made on an estate's tax returns, it is very important that the executor enlists competent professional help. Your duties and responsibilities as executor will not come into play until after the testator's death.