When estate planning, it is important for individuals to understand the functions of each estate planning tool. Individuals may create a will as part of their plan. Individuals should understand how a will works before creating one. An important part of creating a will is appointing an executor. An executor is an individual who is responsible for carrying out their loved ones wishes after they’ve died. If you need help with your estate planning, don’t hesitate to contact an experienced Montgomery County Will Drafting Attorney who can help you protect your hard-earned assets in a will.
What is an executor?
In several states there are restriction of who can be appointed an executor in a person’s will. Typically, executors are trusted family members. However, an individual has to be at least eighteen years old and of sound mind. In a person’s last will and testament, they name someone who they have a substantial amount of trust in to carry out their wishes and handle all pertinent details of the estate after an individual dies. Essentially, an executor is responsible for executing a deceased person’s finances. When an individual chooses someone to be their executor, they must choose wisely. It can be extremely hard to handle this important duty while mourning the loss of a loved one. Being an executor is a huge responsibility. Individuals chosen to be a person’s executor must understand the duties of the position before accepting the role.
What are they responsible for?
Executors are responsible for several components of a will. Executors must uphold their duties after an individual passes away. They are responsible for sorting out their loved ones finances. An enormous part of that responsibility is finding the individuals will. Once it is located, executors must read the will and execute their loved ones wishes. Firstly, executors must get a copy of the will and file it to probate court. Executors are responsible for notifying Social Security administration of the individuals death. They are also responsible for notifying banks and credit cards about the individuals death. Executors must handle probate and represent the estate if necessary in court. They must maintain their loved ones property until it is distributed. Additionally, executors are in charge of paying any debts and taxes that are owed. They are responsible for distributing their loved ones assets as specified in the will. Executors should create a bank account for their loved ones bills and any incoming funds they are owed. If an individual neglects to create a will their assets and property will fall under Maryland’s interstate intestacy laws. Ultimately, an executor has one of the most important roles after an individual dies as they are in charge of carrying out their wishes.
If you need help creating a will, don’t hesitate to reach out to one of our trusted and knowledgeable team members. With years of experience, our firm can help you choose an executor and help ensure your assets are protected.