The concept of an “unfinished business” is common in the horror genre, where the ghost of the dead still lingers on earth to accomplish a task left undone. Outside horror movies and books, the dead need not fret over any unfinished business. This responsibility falls on the executor.
The executor is a person tasked with ensuring that a deceased individual’s wishes—stated in the last will and testament—are fulfilled. The executor is expressly named in the will to handle all the responsibilities required by the post. If the executor is unable to perform these duties, he or she may be held liable. As such, the individual is given the liberty to accept or relinquish the position.
A large part of the executor’s task involves making sure that the deceased’s estate is apportioned as stated in the will. This may involve locating and disbursing the property. In particular instances, the executor also oversees the liquidation of property.
The executor temporarily acts as the steward of the deceased’s estate. For this reason, he or she manages the property, and is responsible for ensuring that debts and taxes are paid. This is usually accomplished through a bank account in the name of the estate. The executor is tasked to perform this duty until the estate is distributed to their beneficiaries.
Moreover, the executor pays for the funeral mainly by using the deceased’s estate. The funeral home typically provides the executor with the death certificate necessary for various purposes.
Identifying the executor is a key step in creating a good estate plan. Needless to say, this position must be occupied only by somebody who can be trusted, and who possesses the qualities necessary to perform the required responsibilities.
JSK Associates creates comprehensive estate plans tailored after the needs of the clients. This website offers more information on how a properly crafted estate plan can help you.