An executor is the person you name in your will who will handle the administration and distribution of your property upon your death. If you do not have a Will, the court will appoint an administrator to do this job.
In your Will, you should name an executor, and alternate executors. The first person you name could pass away before you, could be unable to serve, or could refuse to serve. I often name two alternates. Although a Will would still be needed, if you have a trust, it could be that your trustee would have most of the responsibilities instead of your executor.
An executor should be over eighteen years of age, competent, and not a convicted felon. It is always wise to choose an executor that is trusted, has good judgment, and is financially responsible. It is beneficial to have an executor that is an in-state resident, or you could name an out-of state person to serve as a co-executor with an in-state person. Most courts will require that an out-of-state executor (serving alone) must use your estate money to pay a bond amount (insurance amount) to the court before being able to start serving.
Examples of executor's duties could be to:
- collect and secure the assets of the estate;
- value the assets;
- re-title the assets;
- pay debts of the estate from estate funds;
- file an inventory and accounting(s) with the court;
- handle income and estate tax filings; and
- distribute the estate assets.
If someone you know passes away and you are the named executor, please give Kimberly Cutler a call and she can assist you in administering the estate correctly and efficiently.