Our Weekly Tip: Understanding the Role of Executor of a Will

Credit: texas-probate-attorney.net

Our Tip of the Week: A will is a personal statement clarifying your intentions about the distribution of your assets after your death. A will contains instructions for the executor of your will, who has the legal responsibility of administering your estate. If you die without a will, a court-appointed executor will assume responsibility for the estate.

How-to Suggestion: The most straightforward of the executor’s responsibilities are routine logistical tasks. These include acquiring a copy of the will and filing it with the probate court; filing a death certificate with the probate court; and notifying banks, credit card companies, and government agencies such as the Social Security Administration of the death. The estate can’t be disbursed without approval of a probate judge unless the dead person had a living trust and all assets had already been transferred to the trust prior to his death. 

The executor distributes the assets of the person who has died according to the terms of the will. If there is no will, state intestacy laws apply. These laws vary from state to state, but most jurisdictions distribute assets according to the law of descent of distribution. Should there be contention among the heirs, the executor may need to go to court on behalf of the estate. In probate court, the heirs have the opportunity to contest the executor’s appointment.

The executor is also tasked with liquidating assets to pay off debts before disbursing assets to beneficiaries. If you are asked to be an executor, you always have the right to refuse. If you are naming an executor, choose a qualified, financially savvy, trustworthy person. If the assets include a business, choose an executor who is knowledgeable about the business’ affairs.