When someone passes away, many important tasks need to take place to ensure their wishes come to pass and their estate settles properly. The executor of a will plays an integral part in caring for an estate during this time.
If you are drafting your will in Florida, make sure to choose an executor you trust to carry out these important responsibilities on your behalf.
Locate the will and notify interested parties
The first task of an executor is to locate the deceased person’s will. Upon the death, the executor confirms the validity of the will and then notifies beneficiaries, heirs and other parties who need to know about it.
Inventory assets and pay debts and taxes
Next, the executor creates a comprehensive inventory of the deceased person’s assets. This includes bank accounts, real estate, investments, personal belongings and any outstanding debts. This inventory is important for accurately managing the estate. Before distributing assets to beneficiaries, the executor must pay all outstanding debts and taxes.
The executor distributes the assets that remain according to the instructions in the will. This involves transferring ownership of property, disbursing financial assets and ensuring that beneficiaries receive their rightful inheritance.
46% of Americans have a will, so it is likely they also have already appointed an individual to execute the will. The executor is usually someone who has a close relationship with the family, such as an accountant, family member or a friend. They will manage the estate during this time, and once they finish all the required tasks, they can close the estate.