The Duties of an Estate Executor
As a part of your estate plan, you will want to appoint someone who will be the executor (or administrator) of your estate upon your passing. The duties of this person will vary depending on how complex your estate is, but their general duties involve making sure that everything is executed and arranged according to your wishes after your death.
More specifically, common duties of an estate executor include:
- Determining the value of an estate. After you pass, your estate executor will be in charge of taking inventory of everything you own and estimating the total value of your estate. If there are rare or potentially valuable items in your possession, your executor may seek the assistance of an appraiser.
- Paying your debts. Your executor will also tally up everything that you owe at the time of your death and use cash from your estate to pay off loans and any other debts you have. If you do not have enough cash in your estate, then property may be sold to help settle the debts.
- Determining whether probate will be necessary. In many probate courts, there is a maximum estate value that can go through the distribution process without the intervention of a court. The executor should familiarize themselves with the laws in your jurisdiction, or be able to work with an attorney for assistance in determining the need for probate and/or going through the probate process.
- Supervising the distribution of property. The executor should make sure that all will and trust assets are passed along according to your wishes, and that every aspect of your estate plan goes according to your design.
For more information on the duties of an estate executor and how to choose one that will respect your needs and wishes, speak with a dedicated Florida estate planning attorney at the Charles Law Offices.