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Difference between revisions of "Being Asked to Be an Executor"
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Being Asked to Be an Executor (view source)
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{{REVIEWEDPLS | reviewer = [[Stephen Hsia|Stephen Hsia]]|date= March 2019}}{{Being an Executor TOC}} | {{REVIEWEDPLS | reviewer = [[Stephen Hsia|Stephen Hsia]]|date= March 2019}}{{Being an Executor TOC}} | ||
An '''executor''' is the person named in a '''will''' to carry out the instructions in the will. | |||
== | == What the executor does == | ||
[[File:Being an Executor - Contents1.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]When the person who makes a will (the '''will-maker''') dies, their property and possessions form their '''estate'''. The executor administers the estate by locating all of the will-maker’s property, paying any debts, the funeral costs and taxes, and then distributing the rest of the estate according to the instructions in the will. | |||
== Being an executor can be a demanding job == | == Being an executor can be a demanding job == | ||
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However, if you’ve already started dealing with any estate assets, you’re legally bound to continue until you are '''discharged''' of your duties by court order. | However, if you’ve already started dealing with any estate assets, you’re legally bound to continue until you are '''discharged''' of your duties by court order. | ||
Examples of dealing with an asset include paying debts or changing the insurance on a house. Doing these things is considered '''intermeddling''' with the estate, and you must continue administering the estate until the court discharges you of your responsibility. | Examples of dealing with an asset include paying debts or changing the insurance on a house. Doing these things is considered '''intermeddling''' with the estate, and you must continue administering the estate until the court discharges you of your responsibility. | ||
== If you decide to act as executor, you can get help == | == If you decide to act as executor, you can get help == | ||
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== An executor’s role ends when the court formally discharges them == | == An executor’s role ends when the court formally discharges them == | ||
In general, it can take about one year to complete the work of executor for a straightforward estate. This is commonly referred to as the “executor’s year.” | [[File:Being an Executor - Contents3.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]In general, it can take about one year to complete the work of executor for a straightforward estate. This is commonly referred to as the “executor’s year.” | ||
That said, there is no strict time when the responsibilities of the executor are finished. The executor remains responsible for looking after the estate, even after the estate property has been distributed to the beneficiaries under the will. If assets or debts turn up years later, the executor will still be legally responsible for dealing with them. | That said, there is no strict time when the responsibilities of the executor are finished. The executor remains responsible for looking after the estate, even after the estate property has been distributed to the beneficiaries under the will. If assets or debts turn up years later, the executor will still be legally responsible for dealing with them. | ||
