An executor is a legal term referring to a person named by the maker of a will or nominated by the testator to carry out the instructions of the will. Typically, the executor is the person responsible for offering the will for probate, although it is not required that they fulfill this. The executor’s duties also include disbursing property to the beneficiaries as designated in the will, obtaining information of potential heirs, collecting and arranging for payment of debts of the estate and approving or disapproving creditors’ claims. An executor will make sure estate taxes are calculated, necessary forms are filed, and tax payments are made. They will also assist the attorney with the estate. Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to charity or other organizations. In most circumstances, the executor is the representative of the estate for all purposes, and has the ability to sue or be sued on behalf of the estate. The executor holds legal title to the estate property, but may not use the title or property for their own benefit, unless permitted by the terms of the will. When there is no will, a person is said to have died intestate without testimony. As a result, there is no tangible testimony to follow, and hence there can be no executor. If there is no will or the executors named in a will do not wish to act, an administrator of the deceased’s estate may instead be appointed. Choosing The ExecutorThe person who sorts out your property when you die and carries out the instructions in your will is called your executor. You can choose whoever you like to do this job (and it can be more than one person) but it’s an important choice to get right. What does an executor do?Your executor takes on the job of carrying out the instructions you leave in your will when you die. It can be a complicated job even if your instructions and your property are quite simple – it’s not unusual for the process to take several months. Who can be an executor of a will?Anyone aged 18 or above can be an executor of your will. There’s no rule against people named in your will as beneficiaries being your executors. In fact this is very common. Many people choose their spouse or civil partner or their children to be an executor. But that doesn’t mean they have to write them out of the will. Up to four executors can act at a time, but they all have to act jointly so it might not be practical to appoint that many people. It’s a good idea, though, to choose two executors in case one of them dies before you do. For example, you might choose one family member and one professional, like a solicitor or accountant. Professional executors tend to charge, but it can be helpful to have someone involved with specialist knowledge. You can appoint substitute executors to cover the situation if your first choice dies before you. When you’ve chosen your executor, Make sure you confirm your executor’s full name and address in your will otherwise they might not be able to do their job, if they cannot be found. Agreeing to be the executor of an estate (also known as a personal representative) is a bigger decision than most people realize. It is important to consider the responsibility of the position before agreeing to take on the role. things you should know before signing on• The Complexity of the Estate: Taking on the executor role is not simply a matter of reading the will and using it as a set of instructions for giving away someone’s wealth. An executor essentially steps in for the testator (the person who wrote the will) and sees to all the final arrangements—financial and otherwise. To be prepared, you should: Duties and Responsibilities of an Executor of a WillBeing chosen an executor is both an honor and an obligation. Before accepting, you should be sure you understand what you’re getting into. Broadly speaking, you’ll be distributing the deceased person’s property and arranging for payment of estate debts and expenses. Specific duties will include: choosing the type of probate, filing the will for probate, setting up an account for paying bills, paying estate debts and taxes, maintaining willed property, making and filing an inventory with the court, distributing assets, and many more. It’s a big commitment. An executor is legally responsible for sorting out the finances of the person who died, generally making sure debts and taxes are paid and what remains is properly distributed to the heirs. State law varies on the requirements of who can serve as executors, but generally, executors tend to come from the close ranks of family, spouses, children, parents and siblings. Although state laws provide for the payment of executors, since so many executors are close family members, they often don’t ask to be compensated. In addition to carrying out duties in a diligent, impartial and honest manner, an executor may also be required to perform any or all of the following activities, among others: • Get a copy of the will and file it with the local probate court: The executor is in charge of locating, reading and understanding the will usually, even if probate isn’t necessary, the will still must be filed with the probate court. At this step, the executor also determines who inherits the property. • Notify banks, credit card companies, and government agencies of the decedent’s death: The Social Security Administration along with the decedent’s bank and credit card companies are just some examples of who should be notified of the death. • Decide what kind of probate is necessary: Because inheritance laws may facilitate the passing of certain properties without probate (such as property held jointly by a husband and wife), probate isn’t always necessary. Additionally, the value of the estate may allow it to pass through an expedited process. If probate is required, you need to file a petition with the court to be appointed an executor. You will likely need an attorney’s assistance to accomplish this. • Represent the estate in court: An executor may be required to appear in court on behalf of the estate. • Maintain the property until it can be distributed or sold: This includes keeping up a house until it is distributed to heirs or sold- even deciding whether the property needs to be sold at all. Also, an executor must be sure to find all personal property in the estate and protect it until distribution. If the decedent had a safety deposit box, the executor should locate it and keep it safe. • Pay the estate’s debts and taxes: State law dictates the procedure for notifying creditors, and the estate must also file income tax returns from the first of the current year until the date of the decedent’s death. If the estate is large enough, there may be state and/or federal estate taxes to pay as well • Distribute assets: Distribution occurs according to the wishes expressed in the will. If there is no will, state intestacy laws apply. • Dispose of other property: If there is any property left after paying off the estate’s debts and distribution to heirs, the executor is responsible for disposing of it. Since estates vary greatly in size and complexity, and executor’s job may be easy or challenging to carry out- and responsibilities may very well go beyond the 10 basic items in this list. But while an executor can decline the position or resign at any point in the process, sometimes all that is needed is some legal advice. Consulting with an attorney is generally to make sure that the executor properly complies with his or her duties. • Identify the assets and liabilities of the testator; Executor Attorney in Utah Free ConsultationWhen you need legal help with a probate in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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