An executor is responsible for managing the affairs of a deceased person and distributing their assets according to their will. They must collect and account for all assets, pay debts and taxes, and distribute the remaining estate. Qualifications include being of legal age, sound mind, and able to perform necessary tasks. Negligence can result in removal from office.
When someone dies, there must be a person in charge of regulating all the affairs of the deceased and disposing of his assets in the manner specified in the will. Typically, an executor named in the person’s will performs this work. The job of an executor is essentially to ensure that the person who has died – called the deceased – has all of her affairs in order before distributing the estate. He or she will collect and account for all of the deceased’s estate, pay any taxes or credits owed to the deceased, and distribute the remaining estate in accordance with the will of the deceased. However, there are some circumstances in which the person appointed as executor will be barred from performing these duties.
The first job that the executor is called upon to carry out is the collection and accounting of all the assets of the deceased. It is not necessary for all assets to be physically accumulated in one area. Rather, the important consideration is that all resources are accounted for and accessible.
Thereafter, the executor must pay any debts the estate may be liable for. Most of these debts are typically estate taxes which are incurred when the deceased’s estate is admitted to the estate, i.e. it is determined which assets comprise the deceased’s estate and those assets are prepared for distribution. In addition, the estate is responsible for any debts the deceased had before death, and the executor must ensure that they are repaid.
The final duty of the executor is usually to distribute what is left of the deceased’s estate after paying off all his debts. If the deceased made a valid will before his death, the content of him explains the manner of distribution. However, if there is no will, the executor must follow the estate attorney’s advice for the appropriate procedure when the deceased dies without a will.
There are certain qualifications to be an executor, and while they vary between jurisdictions, there are three common rules that are generally followed. First, the named person must be of legal age within the jurisdiction. Second, the named person must be of sound mind and able to perform the necessary tasks. Finally, if the person is negligent in acting as executor, which causes damage to the estate, any party named within the will can file an action to remove them from office.
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