Like the quarterback of a football team, the executor of your estate is the person who calls the shots for and passes your estate through probate. Deciding who to “draft” for this role requires a lot of careful forethought. This post will focus on some of the responsibilities of an executor.
Responsibilities of an executor
It is the executor’s responsibility to shepherd your will through probate in order for assets that need to pass through probate to be distributed to the beneficiaries you have chosen. The executor must obtain a “letter of testamentary” from the court. This authorizes them to act on behalf of the estate.
The executor is also responsible for locating, managing, and disbursing the assets in your estate. This individual is also tasked with determining the value of property, including things like real estate, artwork, and collectibles. In some cases, assets may need to be liquidated to pay the estate’s debts or taxes.
If the expenses of the funeral and burial had not already been paid, the executor can use estate funds for this purpose. The executor also needs to obtain copies of the death certificate in order to close financial accounts, cancel some benefit payments, and file tax returns.
It is also the executor’s responsibility to manage the estate’s assets until they are distributed. This may involve things such as supervision of brokerage or other investment accounts.
In next week’s post, I will write about qualities to consider when making the decision for the executor of your estate.
For help with your estate plan, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Deerfield, Illinois office.
https://www.jdsupra.com/legalnews/a-difficult-decision-choosing-the-right-6008147/