Castle Wealth Group

October 12, 2021

The Duties of an Executor of a Will

The executor position holds a high level of responsibility. When a person trusts your judgment, they designate you as the executor. It can be challenging for some people to undertake all the duties, and they can opt-out of the job. However, you can take the assistance of your co-executor, professionals, and beneficiaries instead of doing everything as an obligation. If you are willing to be one, you need to understand all the tasks an executor needs to complete for better execution. 

The Powers of an Executor-

The executor can access the bank accounts, any assets, and documents related to the estate. However, the executor is only supposed to carry out the wishes mentioned in the will. Otherwise, they are liable for abusing the powers or making mistakes.

The Duties of an Executor-

1. Talk to the will-maker: It would be beneficial if you could talk to the will maker before their demise. You can thoroughly understand their intentions and wishes by communicating directly with them instead of the written will. You can also learn the stories behind their sentimental and personal assets if you want to tell the successors about them. Make sure you ask the will maker about all essential details regarding the will, like where to find it and information about various financial assets.
2. Register the death: After the death of the will maker, the executor will have to register the death with the registrars of births, deaths, and marriages to obtain a death certificate. The copies of death certificates will be required by many concerned organizations, like banks, insurance companies, and tax authorities.
3. Obtain the will: The executor should obtain the will and understand it. They can then begin with the probate process if one is required.
4. Apply for probate grant: The executor should register and file the will in the probate court even if probation is not required. The grant will also let the executor access the bank accounts and funds to proceed with estate distribution.
5. Inform the beneficiaries and concerned organizations: The executor should inform about the death of the will maker everyone mentioned in the will. The executor can post a notification in the newspaper or mail everyone separately. Other organizations like the banks and insurance companies also need to be notified to take relevant actions.
6. Arrange for the funeral: The funeral should be conducted as wished in the will. The deceased’s estate pays to cover the cost of the funeral. 
7. File an inventory: The executor needs to find everything in the deceased’s estate and file the list in the probate court.
8. Evaluate and protect the estate: The estate should be evaluated before distribution. Further, the executor needs to safeguard all the documents and details about the estate until distributed.
9. Settle estate’s debts and taxes: All the taxes and debts owed by the deceased should be settled. The estate will pay the amount for such settlements.
10. Distribute the estate: The executor’s final task is to distribute the assets according to the will.

About Castle Wealth Group

If you need guidance with the duties of an executor, contact Castle Wealth Group. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, legacy planning, and probate attorney. Visit our website or call us at 844.885.4200 or email us for your financial advice.