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What duties do executors manage?

On Behalf of | Aug 17, 2022 | Estate Planning |

When selecting an executor for an estate, it is important to keep in mind the many duties that will fall on their shoulders. Not just any person will suit the amount of pressure and responsibility well.

First, it is important to know exactly what those duties are. This can aid greatly when making a selection.

Management skills and time

Forbes looks into the duties of executors. First, they will potentially need several years of time to spare because of how long the probate process takes. In some cases, it is possible to avoid probate. In those where it must happen, however, it can take years to get through.

Next, the executor needs good money management skills. They have to repay all debts, continue paying necessary bills, end all unnecessary bills and file the decedent’s final tax form.

Interacting with other figures

They will interact with other important members working on the estate plan too, such as attorneys and financial advisors. However, the executor holds the majority of the power, so other key figures will likely look up to them for guidance on how to move in the future.

Managing funeral matters

They handle matters of the funeral after the decedent dies, as well. This includes organizing ceremonies, handling the body in the way the decedent wished, and preparing any gatherings that they may have wanted.

Finally, it is up to them to pass out the remaining assets after the probate process ends. They must follow the will and divide the remainders out to the beneficiaries in accordance with it.

Thus, this is quite a large number of tasks to take on over many years. The person who takes on these tasks needs the ability and skills to do so.