An executor of an estate is a person chosen to carry out a decedent’s last will and testament. The executor’s primary responsibility is to follow out the deceased’s instructions for managing their affairs and wishes. If there was no prior appointment, the executor is chosen either by the testator—the person who creates the will—or by the court. A person’s estate is handled by an executor after their death. A testator frequently names an executor before passing away, or a court may do so. The main responsibility is to carry out the decedent’s desires in accordance with directives stated in their will or trust agreements.
This entails making sure that assets are given to the intended recipients. Being an executor entails a lot of responsibilities and may be dangerous or complicated. The executor is accountable for making sure all assets listed in the will are identified and transferred to the appropriate people (parties). Financial holdings like stocks, bonds, or money market investments are examples of assets, along with real estate, direct investments, and even collectibles like works of art. According to the Internal Revenue Code, the executor must determine the estate’s worth using either the date of death value or the alternative valuation date (IRC).
The executor must also make sure that all of the deceased person’s debts, including any taxes, are settled. Legally, the executor must carry out the decedent’s instructions and act in his or her best interests. The only requirements are that they be over 18 and have no prior felony convictions. The executor can be almost anyone, but they are typically a lawyer, accountant, or family member.