An executor manages your estate when you are in the process of succession (also known as the distribution and execution process). Specifically, they begin and follow the probate process. They also manage their assets, pay their debts and distribute the property to their heirs as indicated in their will. An executor of a will is someone you appoint to carry out the wishes left in your will.
They can be a friend, family member, or professional; the most important thing is that they feel comfortable and safe managing their wealth. You must name a person who is still alive as executor of the estate. That person, often a spouse, adult child, or other trusted friend or relative, is responsible for managing the estate. You can also name joint executors, such as your spouse or domestic partner and your lawyer.
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 met and that the deceased person's affairs are terminated. An important part of making a will is appointing 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. When someone creates their last will and will, they usually designate a person to carry out their wishes when they die. This person becomes the executor of the will. Usually, the testator appoints the executor.
If there is no will, which is known as an “intestate dying person,” then a friend or family member (and even a creditor if no one else does) can request that the probate court appoint you as the personal trustee of the estate. The roles and responsibilities of an executor and a personal administrator are the same; only their positions are different for the purpose of requesting appointment and qualification. Before any assets, whether personal property or money, can be paid, executors must first settle debts and pay any taxes owed by the estate. Executors are given some powers under the laws of England and Wales, but it is common for lawyers and wills writing professionals to include additional provisions in the wills they provide.
At this time, Willful only offers the option of appointing one person to act as executor and trustee of the estate. The difference is that the executors take care of the entire process of administering the estate and, once it is completed (usually in 12 to 18 months), their role concludes. It is important to appoint an executor because they will be the person in charge of taking care of your estate. This can be useful if you share your estate among your children and want to turn your older child into an executor.
Here's what you can do if everyone you ask refuses to take responsibility for being your executor. An executor and an estate trustee are two different roles, but the same person can perform them (in Willful, you select one person to perform both roles). You may want to name several executors; for example, you may have two people with whom you want to share the position, or you want to appoint a professional executor along with a family member. Between dealing with grief and planning your funeral, being executor of a will may seem like an unwanted burden for some people, so it's important to keep this in mind when naming executors in your will.
Alternatively, your executors can choose a professional to manage the estate on your behalf. In Ontario, executors can be fined up to three percent of the entire estate and, if found to have benefited from making a mistake (for example, if they are also heirs), they can be jailed for up to two years. Once you've confidently decided who you'll choose, and you've had that conversation with him or her, the last step is to formally name him or her executor of your will. Your executor's responsibilities include paying estate debts, recovering money owed, paying your final tax return, and distributing assets and gifts to your beneficiaries.
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