The executor of an estate is the designated person whose name is specified in the final will of deceased, and he/she will be granted the power of administering the will, ensuring that their final wishes are well respected. An executor of the estate is usually one of the more trusted individuals in a person's life, and be specifically designated in the legal forms of will. The person will be in charge of their estate when they die. An executor of the estate has many obligations when their friend passes, and the job is not easy in the least. The duties are longer than you can imagine, but the basic duties of an executor of the estate are listed here:
One of the major jobs of the executor of the estate is to manage the assets of the deceased. They are also responsible to see that any unpaid debts are taken care of before issuing any of the assets to the family. Taxes are also a major responsibility for the executor of the estate. This process begins with what is called probate.
This is a way for the will to be legalized. The court will ensure that the will was validly put together, and then grant the executor of the estate the power to enforce the will.
Next the executor of the estate will begin to manage the estate by gathering all of the assets together. This can be very involved depending on the nature of the assets, and who may have an interest in them if they are owned jointly. This is when the executor of the estate will begin to liquidate the assets so that they can be distributed as the will demands. The executor of the estate will also pay all taxes and file all tax returns at this time.
Once all tax issues have been dealt with, the executor of the estate will then begin to pay the debts owed from the estate. The debts are any claims against the estate due to creditors. If there are claims that are disputed, this can drag out this process and cause it to have to go to court.
Once these issues have been taken care of, then the executor of the estate can begin to distribute the assets of the estate. It is vital that the executor of the estate keep perfect records during this process. Beneficiaries of the estate are then given the part of the estate that was given to them from the will. All distributions of assets are secondary to settling any outstanding debts or taxes on the estate.
Though the executor of the estate is certainly responsible for taking care of all of these things, other support is available including lawyers, and the job is not one that falls only on his or her shoulders. Many of the legal forms that are needed for this are found free online. If you are expecting to be named an executor of the estate for a friend or family member, you should take the time to learn the details so that when and if that time comes, you will not be caught off guard. There are a number of little details that can come up, and knowledge can take you a long way in understanding what is being asked of you.
If you are considering a future Legal Guardianship, then legal guardianship form is very importance legal form to review. It is used to protect your own assets and specify legal rights towards your assets.
For more information about legal documents, go to Legal Forms site, where you can find many free legal forms and resources including living trust forms that you can use to help secure your own company and assets.
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