As you begin the process of putting together your will, it is important to think about who you want to appoint as your executor. An executor is responsible for carrying out the instructions outlined in your will after you pass away. Here's a closer look at the role of an executor in a will.
The first step for an executor is to locate the original copy of your will. This can usually be found in a safe deposit box or with your lawyer.
After the executor has found your will, they will need to apply to the court for a grant of probate. This legal document gives the executor the authority to administer your assets.
The executor is responsible for identifying and calling in all the assets you owned at the time of your death. This can include bank accounts, property, and investments.
The executor is also responsible for paying off any debts or liabilities you may have had, including funeral expenses and outstanding bills.
Once all the debts have been paid, the executor will distribute the remaining assets according to your wishes as outlined in your will.
Finally, the executor will prepare a statement of account detailing all the assets and liabilities of the estate.
It is also important to note that the executor is not entitled to a specific fee or compensation for their services. However, if the executor is a professional, such as a lawyer, they may be entitled to compensation.
The role of an executor in a will is crucial in ensuring that your assets are distributed according to your wishes after you pass away. It is important to choose someone you trust to carry out your instructions and who is willing to take on the responsibilities involved in this important task.
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