The Role of The Executor of An Estate

Durable Powers of Attorney

The Role of The Estate Executor?

Executor Role

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.

Estate Planning Document E-Books
Estate Planning Basics
Estate Planning - What Is It?
Estate Planning - Who Needs It?
Estate Planning -When?
Estate Planning - Why?
Estate Planning Terminology
Estate Planning Background
Revocable Trusts vs. Wills
About Estate Planning Lawyers
How To Avoid Probate
Minimizing Delays in The Settlement of Your Estate
Providing For Your Children and Dependents
Tax Planning
Document Basics
What Is A Will?
What is A Trust?
What Is Probate?
Durable Powers of Attorney
Health Care Surogates
Marital Property State Considerations