Every estate
that is subject to the probate process will be administered
by an executor. The will will normally appoint the executor.
If the will is silent or if there is no will, the court
will normally appoint an executor of the estate.
Executors are
entitled to compensation and can and will normally hire
consultants, such as lawyers, appraisers, and accountants,
to assist the Executor in administering the estate.
The executor's
role is to collect the assets of the estate, value the assets,
identify and pay creditors, and distribute the assets according
to the will. This may sound like a simple process, but it
can be very time consumming and arduous. The Executor needs
to be systematic about its duties, especially given the
fact that the probate process is a legal proceeding under
the supervision of the Court. The Executor's role is greatly
complicated when the estate is not in good order, there
are disputes among family members, or when there are a large
amount of assets that must be valued.
State statutes
generally give the Executor broad latitude provided that
the Executor acts as a prudent person and so long as the
intenet of the decedent as expressed in the will is honored.
An Executor must act cautiously, as if handling the Executor's
own affairs.
If the Executor
properly fullfills her responsibilities, probating a will
is no overnight enterprise. Through no fault of the Executor,
the delays in the process can be very frustrating to intended
beneficiaries. These delays can be substantially avoided
by proper up front estate planning with due consideration
for implimenting mechanism to maximize the avoidance of
probate.