3 areas of responsibility for the executor of your will

On Behalf of | Nov 3, 2020 | Estate Planning

If the time has come for you to think about drafting your will, naming your executor or personal representative will be at the top of your to-do list. 

When you consider possible candidates, you will want someone trustworthy as your executor who will carefully manage three main areas of responsibility. 

Protect assets 

Your executor will be responsible for protecting the assets of your estate and, ultimately, to distribute those assets to the beneficiaries you name in your will. 

Pay bills and file taxes 

Your executor will pay your final debts and file your final tax return. The first order of business is to determine whether the assets of the estate are sufficient to cover the payment of debts. If not, the judge will prioritize the payments to creditors. 

Seek professional guidance

One of the most important traits in the executor you select will be his or her willingness to seek professional guidance as needed. In addition to legal help, your executor may need assistance from professionals such as financial experts or accountants. 

Assist your executor

You can make the job easier for the person you select as your executor. Ensure that he or she knows where to find your will and, if applicable, your trust and other estate planning documents. Divulge the location of other important items such as your bank accounts, investment accounts, retirement funds, tax returns and the like. Your executor will not only wind up your financial affairs but, in executing the various responsibilities of the role, will represent the final link between you and your beneficiaries.