Will Executor: Estate Management Duties During Probate
A Will executor is appointed within a decedent's last will and testament to manage estate duties upon death. In addition to acting as the estate fiduciary, the Will executor often must act as a mediator when family strife exists. Therefore, careful consideration should be given when appointing a person to this position.
The Will executor is compensated for their duties. Compensation must abide by state probate laws. Some states require estate executors to be compensated at an hourly rate, while other states provide a percentage of the estate value or a flat fee.
Several titles can be given to Will executors including: estate executor, probate personal representative, probate administrator, estate agent, and estate administrator. Regardless of the title, Will executors are responsible for a myriad of duties which can sometimes require assistance from a probate lawyer or estate planner.
Common duties of probate administrators include: securing estate assets, obtaining property appraisals, notifying creditors and paying outstanding debts, and distributing inheritance assets to designated beneficiaries. If missing heirs exist, probate administrators must work with a lawyer and attempt to locate heirs to notify them of impending inheritance.
When a person dies without leaving a Will, a probate judge will appoint a Will executor. This can be the surviving spouse, adult children of the decedent, direct lineage relatives, personal friend, or a probate professional. When family dysfunction exists, using the services of a lawyer can minimize the potential for heirs to contest the Will.
Estates that are not protected by a trust must undergo the probate process. Probate is used to validate the decedent's last will, settle their estate, and distribute inheritance property according to directives of the Will or according to probate laws. If estates are protected by a trust, the will executor oversees distribution of inheritance property and responsible for recording the decedent's death certificate and filing a final tax return.
It is always best to discuss the option of appointing a probate personal representative prior to executing a last will. Estate administration duties can be time-consuming and challenging. The person you feel is best suited for the task may not be willing or able to fulfill estate management duties.
Will executors must be 18 years of age or older, and never convicted of a felony offense. They should be detail-oriented, good with finances, and able to work under pressure. Sadly, death can bring out the worst in people and it is not uncommon for family disputes to arise over who should receive a family heirloom or piece of artwork. Oftentimes, the appointed probate executor takes the brunt of anger and may even be ostracized from the family.
Probate lawyers suggest designating two Will executors within their last will and testament. If the primary estate executor is unable or unwilling to fulfill estate management duties, the second executor can quickly assume the role.
Estate planning is an important task that should not be taken lightly. In addition to bequeathing inheritance property, the last will can be used to provide information regarding desired funeral arrangements and establish guardianship for minor children. When individuals die without leaving a Will, inheritance property is distributed according to probate law.
It is relatively easy and affordable to execute a Will. Probate lawyers charge a nominal fee to draft a basic Will. Individuals with estates valued below $50,000 may be able to draft a legal will without hiring a lawyer. Preformatted Wills can be purchased at office supply stores or downloaded via the Internet. Don't leave things to chance. Engage in estate planning strategies to ensure inheritance property and financial assets are gifted to those you want to receive them.
The Will executor is compensated for their duties. Compensation must abide by state probate laws. Some states require estate executors to be compensated at an hourly rate, while other states provide a percentage of the estate value or a flat fee.
Several titles can be given to Will executors including: estate executor, probate personal representative, probate administrator, estate agent, and estate administrator. Regardless of the title, Will executors are responsible for a myriad of duties which can sometimes require assistance from a probate lawyer or estate planner.
Common duties of probate administrators include: securing estate assets, obtaining property appraisals, notifying creditors and paying outstanding debts, and distributing inheritance assets to designated beneficiaries. If missing heirs exist, probate administrators must work with a lawyer and attempt to locate heirs to notify them of impending inheritance.
When a person dies without leaving a Will, a probate judge will appoint a Will executor. This can be the surviving spouse, adult children of the decedent, direct lineage relatives, personal friend, or a probate professional. When family dysfunction exists, using the services of a lawyer can minimize the potential for heirs to contest the Will.
Estates that are not protected by a trust must undergo the probate process. Probate is used to validate the decedent's last will, settle their estate, and distribute inheritance property according to directives of the Will or according to probate laws. If estates are protected by a trust, the will executor oversees distribution of inheritance property and responsible for recording the decedent's death certificate and filing a final tax return.
It is always best to discuss the option of appointing a probate personal representative prior to executing a last will. Estate administration duties can be time-consuming and challenging. The person you feel is best suited for the task may not be willing or able to fulfill estate management duties.
Will executors must be 18 years of age or older, and never convicted of a felony offense. They should be detail-oriented, good with finances, and able to work under pressure. Sadly, death can bring out the worst in people and it is not uncommon for family disputes to arise over who should receive a family heirloom or piece of artwork. Oftentimes, the appointed probate executor takes the brunt of anger and may even be ostracized from the family.
Probate lawyers suggest designating two Will executors within their last will and testament. If the primary estate executor is unable or unwilling to fulfill estate management duties, the second executor can quickly assume the role.
Estate planning is an important task that should not be taken lightly. In addition to bequeathing inheritance property, the last will can be used to provide information regarding desired funeral arrangements and establish guardianship for minor children. When individuals die without leaving a Will, inheritance property is distributed according to probate law.
It is relatively easy and affordable to execute a Will. Probate lawyers charge a nominal fee to draft a basic Will. Individuals with estates valued below $50,000 may be able to draft a legal will without hiring a lawyer. Preformatted Wills can be purchased at office supply stores or downloaded via the Internet. Don't leave things to chance. Engage in estate planning strategies to ensure inheritance property and financial assets are gifted to those you want to receive them.
