When someone passes away, their estate doesn’t simply manage itself. It’s the executor who steps in to handle the essential tasks of settling the deceased’s affairs. This role can be both an honor and a burden, carrying significant legal and financial responsibilities. Whether you’re creating an estate plan or considering accepting the role, understanding the responsibilities of an executor is crucial.

At Sowerby & Moustakis Law, we recognize the critical role estate planning plays in securing your family’s future. Our knowledgeable team is dedicated to providing clear and compassionate guidance throughout the estate planning process. With extensive experience in estate law, we can help you navigate the complexities of choosing the right executor, effectively executing an estate, and other essential aspects of estate planning.

What Does an Executor Do?

A central component to estate planning is a will and every will needs to name an executor. An executor takes on a vital role in managing a person’s estate after they pass away. While the responsibilities may seem overwhelming, you don’t have to face them alone. Legal and financial professionals, including estate planning attorneys, are available to guide you through the process.

One of the executor’s primary duties is filing the will with the local probate court. This is a necessary legal step to validate the will and begin administering the estate. Without this, the executor has no authority to act on behalf of the deceased, meaning assets remain frozen and debts unpaid. An attorney can help prepare and submit the required paperwork to ensure this step is completed smoothly.

Next, the executor must notify beneficiaries and creditors. Beneficiaries have a right to know what they’re entitled to under the will, and creditors must be informed to ensure debts are paid from the estate. This prevents future disputes and allows the executor to move forward with a clear plan. Many choose to work with legal counsel to draft notices and maintain compliance with state laws during this process.

Taking inventory of the deceased’s assets means listing everything owned by the deceased, such as property, bank accounts, and personal belongings. This inventory is essential for determining the estate’s value and ensuring everything is accounted for before distribution.

Paying debts and taxes is a legal requirement before the estate can be distributed. This might include settling credit card balances, outstanding bills, or filing final tax returns.

Once debts are paid, the executor can distribute the remaining assets to the beneficiaries according to the will. This involves transferring property, writing checks, or making arrangements to hand over personal belongings. Legal counsel is particularly useful here to handle any disputes or questions that arise about how assets are divided.

Finally, the executor must close the estate through the probate court. This involves submitting a final accounting that shows all assets, debts, and distributions have been properly handled. The court’s approval formally ends the executor’s responsibilities and closes the estate.

Why Choosing the Right Executor Matters

The executor holds a position of trust and authority. A mistake or delay can lead to unnecessary costs, disputes, or even legal challenges. That’s why selecting the right person is so important.

• Trustworthiness is Key: The executor will have access to sensitive financial and personal information. Choosing someone who is honest and reliable ensures that the estate is managed in good faith.
• Financial Acumen is an Asset: While legal knowledge isn’t required, financial know-how can be a big advantage. Managing assets, paying debts, and filing taxes are key responsibilities that benefit from a solid understanding of financial matters.
• Emotional Readiness is Crucial: Handling an estate often comes with family tensions and emotional stress. It’s vital to choose someone who can remain level-headed and impartial, even in challenging situations.
• Availability is a Must: Being an executor takes time. Someone with a packed schedule or who lives far away may find it difficult to fulfill the duties effectively.

How Sowerby & Moustakis Law Can Help

If you’re naming an executor or have been asked to serve as one, Sowerby & Moustakis Law is here to guide you through the process. Our estate planning attorneys can help you create a clear, comprehensive plan that ensures your wishes are honored and reduces the burden on your executor.

Contact us now to discuss your estate planning needs or to learn more about how we can assist executors in managing an estate effectively.