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What Does It Mean to Be an Executor?

Estate Planning For Life's Stages

Today's Missouri Ozarks
It means you are in charge of managing the person’s assets after death, but what does it really mean? An executor has many roles and responsibilities. Executors should first understand it is a significant responsibility and not something to be taken lightly.

Being named an executor can be a big deal, undertaking confidence and trust that someone is appointing you to manage their estate after they’ve died. An executor has a long to-do list, according to The Cleveland Jewish News’ recent article entitled “Role of executor comes with many responsibilities.”

First, the appointed must find the signed will and file it at the probate court to officially be appointed.

Next, the appointed person must collect all of the estate’s assets, as well as track down any debts like mortgages, credit card bills, car payments and the like.

If you have young children, your will is the legal document used to tell your executor and the court who you want to care for your minor children by naming their guardian. The will is also used to explain how your minor children’s inheritance should be managed by naming trustees.

An experienced estate planning attorney can help review the will with the executor, so he or she understands what it means. The attorney can also review the steps of being appointed and what their role is as far as collecting the assets and debts, along with the details about which the average non-attorney might not consider.

Reference: Cleveland Jewish News (Sep. 23, 2020) “Role of executor comes with many responsibilities”

Suggested Key Terms: Estate Planning Lawyer, Wills, Probate Court, Inheritance, Executor, Intestacy, Probate Attorney, Probate Court