Responsibilities Of Executors Of Wills

By Author: Pardhi
Total Articles: 193
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There are so many things that are to be taken care of when a person passes away. In case, the person was smart enough to be organized and leave behind a will then his family and people entitled for succession might not have to worry. The individual who makes a will is executor and there are different responsibilities upon him while drafting a will. They have to be addressed on time so that the people who are entitled to the rights will be deprived of the same. Executors can have legal representatives to help them draft a will. This representative can act as a person representative once the executor passes away.
However, till the person is alive, there are 3 major responsibilities of the executors. They are:
1) Protection and notification:
It is the job of the executors to protect their assets while they are being distributed. This might entail having the locks changed or even providing additional insurance. An individual will have to identify all the items and assets of prime importance and have them deposited at a safe place. Accordingly, he will have to make arrangements for notifying the insurance companies ...
... about the assets and how to deal with them post his or her death. Make sure that the will clearly defines what part of which asset will go to which person. When a person dies without a will, the court decides on such things. The court will then nominate an executor and take care of the notifications. Hence, it is best to have your will ready.
2) Taxes and liabilities:
The executors of the will have to look out for the liabilities and debts in advance. If there are any debts then make sure you clear them in advance. If by any chance you are not able to then you will have to clarify by what means you will want them to be taken care of. Nothing will be waived and the court might take actions like selling off valuable assets or property to recover the debts. Hence, while making a will, the executor should be careful of such things.
3) Distribution of assets:
It is imperative for an executor to distribute his assets which serves as the main purpose of the will. However, it is third in the responsibilities list. Once, the assets are counted and listed after the debt has been taken care of only then you will be able to name each recipient in the will and designate property.
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