An executor is the person appointed in a Will to execute, manage, administer, direct, and dispose of his or her estate. Depending on the complexity of the estate an executor may wish to engage an expert with experience in the legal tax and accounting requirements.
Many people when nominated as an executor are unsure of what is expected of them. An executor usually;
- assists in making funeral arrangements,
- locates the Will and applies for probate,
- determines who are the beneficiaries,
- collects the assets,
- settles debts,
- distributes assets according to the Will,
- prepares and manages accounts and tax returns.
In some cases an executor may have to defend the estate against litigation.
If you want to appoint an executor that you believe is capable and interested as acting as executor who is not a beneficiary of the estate (usually a friend or relative) you should discuss this with them prior to the Will being made.
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