Will executor refers to an individual or organization that has been designated to administer the estate of a deceased person. Other common names to describe this position include personal probate representative, estate executor, administrator, estate agent, and probate administrator.
Regardless of the label, a will executor wears many hats and is responsible for a variety of duties. Typically, estate executors are appointed through a Last Will and Testament. When decedents die intestate (without a Will), the administrator will be appointed by a probate judge.
Nearly every estate must undergo the process of probate. The only way to keep assets out of probate is by establishing an irrevocable life insurance trust or living trust. Even when trusts are executed a will executor must be designated to make certain assets are distributed to designated heirs.
When selecting an individual to oversee an estate, it is important to talk to the person and obtain their permission. Administering an estate can be challenging, time-consuming and emotionally-charged. Will executors must be of legal age and cannot possess any felony convictions.
Most people appoint a close family member or personal friend. Others hire professionals such as estate planners or lawyers. In any case, will executors are compensated for their time. Estate administration fees are regulated by each individual state. Some states compensate executors on an hourly basis. Others pay a percentage of the estate value or a flat-fee.
Many considerations exist when appointing an estate executor. One factor to consider is family dynamics. Death can bring out the best and worst in people. It is not uncommon for family disputes to erupt over who should receive an heirloom necklace or piece of antique furniture.
Estate planning experts recommend appointing two will executors. If the primary administrator is unable to fulfill their duties, the second named executor can rapidly take charge. In most cases, will administrators work with an estate planning service or probate attorney to ensure documents are properly filed through the court system.
Duties of will executors include securing estate assets, notifying creditors, paying outstanding debts, obtaining property appraisals, and distributing assets to designated beneficiaries. If heirs exist who are missing, administrators must work with an attorney and attempt to locate and notify them of impending inheritance.
Estate planning is an important part of life planning. Regardless of how much or how little property you own, it is important to draft a will and state who should receive your belongings in the event of death.
If you die without a will, a judge will appoint an executor and determine who receives assets based on probate laws. Don't leave this to chance. It is relatively easy to draft a Will and most attorneys charge a nominal fee to legally execute the documents on your behalf.
Simon Volkov specializes in buying probate assets from will executors. This valuable service allows administrators to sell estate assets in exchange for a lump sum cash payment, which can expedite the probate process. See what options are available by visiting http://www.SimonVolkov.com today!
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