Executor of a Will

Being named an executor or choosing the executor of a will does not imply such a person must have legal or financial expertise.

Most often a spouse, close friend or main beneficiary of a will is named as executor (or personal representative). That makes good sense because such persons will have a good knowledge of the wishes of the deceased, details of the estate and an interest to wind up the estate without delay.

Should they need expert help, the executor of a will can easily get assistance from a lawyer, paralegal or accountant at a negotiable fee and court officials are more than willing to explain procedures or issue relevant forms.

Many banks or financial institutions will draw up a will for their clients with themselves as executors. Unfortunately the personal relationship between banker and client has been replaced by electronic banking to a large extent, so it is quite possible that a complete stranger - albeit a competent individual - will oversee the will. An executor's fee will definitely be payable, whereas a beneficiary as executor of a will mostly waive any fees due.

Before naming an executor and alternate -  refer to  How to Write a Will  - you should confirm with them that they are willing and that they meet the requirements of your state or country: i.e. not a minor or convicted felon and a resident of your country. Some states also have restriction on out-of-state executors.

Duties of the Executor of a Will

In simple terms, it is the responsibility of the executor of a will - after probate has been granted - to handle all payments due by the estate, such as funeral expenses, debts and taxes and thereafter to distribute the remainder of the assets to the beneficiaries as specified in the will.

The first step is to make a complete list of the assets of the deceased.

The second step is to apply to the court for a grant of probate. This mainly entails the submission of proof of death, proving the will is valid and filing a number of forms which can be obtained from the court.

Once probate has been granted, the executor must firstly pay funeral expenses and administration fees, an allowance to the surviving spouse and any children as permitted in law and then debts or any taxes owed by the deceased.

The executor must then publish a notice (generally in two newspapers or as required by country or state law) of intended distribution of the balance of the state. Anybody with a claim can submit their particulars within a specified period (generally one month). Thereafter the remainder of the estate can be distributed according to the will.

The executor may have to sell assets in order to raise cash for the above mentioned payments. If the executor is not the sole beneficiary of the will, a bank account should be opened in the name of the estate and accounting of all expenses or debts and income from sales must be provided.

The main criteria for an executor of a will is somebody who is conscientious, trustworthy and fair, with a healthy dose of common sense!

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