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What duties do executors have?

On Behalf of | Jul 23, 2022 | Estate Planning |

The executor of your estate will hold the most important position. This is why it is crucial to determine in advance what person you want carrying these duties.

But to do that, you need a good handle on what those duties are in the first place. Exactly what sort of things does an executor manage?

A position of high authority

Forbes discusses the different responsibilities an executor holds. Generally speaking, an executor essentially acts as the head figure of authority in an estate. They manage your funeral, handle your body, and ensure that everything goes in accordance with your wishes.

They will coordinate with anyone else on your team, such as attorneys or financial advisors. They oversee the financial matters such as repaying outstanding debt, taking care of your final taxes and managing ongoing bills.

They will oversee the entire duration of the probate process as well, which can take years. This means you should only select an executor who has a relatively clear schedule. Once the probate process is over, they will divide assets and property amongst your beneficiaries.

The skills they need

This means they need several skills, including time management, self-management, organization and the ability to interact well with others in high-stress and intense situations. They need to think on their feet and adjust to things as they go, with the ability to problem solve on their own with very little time to work.

This is a high-pressure position for anyone. Not only should you pick your executor in advance, but you should also let them know well in advance to ensure that they have the time they need to properly prepare.