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When an individual writes a will, he or she must appoint an executor of the estate, who is responsible for carrying out the will and any other instructions. While the role of executor may not be difficult, it may require certain skills, such as an ability to be diplomatic and a strong sense of responsibility.The duties of the executor include:
 | Determining what the individual owns;
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| Paying any bills and claims against the estate, including funeral costs;
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| Paying all estate and inheritance taxes;
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| Collecting any money due on the estate;
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| Handling other estate assets such as insurance or trusts;
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| Overseeing the investment of assets in the estate;
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| Distributing assets and property according to the will; and
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| Settling the estate with the probate court.
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Ascertaining Estate Assets The executor will need to determine what assets comprise the estate, such as property, pensions, investments, insurance benefits from employers, and other insurance policies. In some cases, a letter of instructions and/or a list of assets may have been included with the will. Since estate assets may include various bank accounts or property in several locations, a list can be most helpful to the executor. Even without instructions, the executor must locate all assets to be distributed.Some assets may need to be valued. The executor may hire appraisers to assess the value of an art collection, real estate property, furniture, or household goods. Once valued, the executor may decide whether to distribute property directly or sell it and divide the proceeds among the heirs. The executor may want to first consult with the heirs regarding which type of distribution they would prefer.
A Few Finer Points
| Possible Protests. The executor notifies all creditors, anyone named in the will, and anyone else who stands to inherit part of the estate, of the event of the decedent's death. All potential beneficiaries then have a chance to protest if they feel the will is invalid. In most states, a surviving spouse is allowed to challenge a will if he or she is awarded less than a certain percentage of the estate. If there are no protestations, the probate court will issue "letters testamentary."
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| Formalities. The executor then transfers the decedent's bank accounts into estate accounts, and stocks and bonds can be transferred from the decedent's name to the executor's name. Another proceeding called a "will construction proceeding" may be required if all parties agree that a will is valid, but disagree as to its meaning.
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| Insurance. Upon submission of an insurance claim form with the original policy and a copy of the death certificate, insurance benefits are usually paid promptly.
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| Bills. All bills should be paid before any distribution of assets. The executor must keep accurate records of joint property, even if it escapes probate by passing directly to the other owner, because property affects estate tax bills.
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| Liability. The executor works with the lawyer for the estate until the estate is settled. Until then, the executor is responsible for keeping the estate in good order, protecting tangible assets, and investing the estate's funds prudently. If not, he or she may be liable to the beneficiaries.
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Alternate or Successor Executor Probate of more complicated estates may take many years. If the only named executor is unable or unwilling to serve, the court will appoint an alternate or "successor" executor. In a blended family with children of more than one marriage, the individual may designate co-executors, or one executor and an alternate executor. For a large estate, the individual may appoint a bank trust department as corporate executor, and there may be co-trustees. Should the estate become deadlocked among co-executors, a third party advisor such as a professional accountant may be consulted, subject to the court authority.
Choose Wisely Being aware of an executor's duties may help you make the choice that is best for you and your heirs. The executor should be someone you believe will make sure that your family will benefit from your many years of hard work, as well as someone who will ensure your final wishes are met. Choose wisely and work closely with your designated executor so that they can fully understand and appreciate your wishes.
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