One of the most important steps in creating a comprehensive estate plan is to appoint an executor. To learn more about an executor role and its responsibilities, continue reading and reach out to our experienced estate planning attorney.
What is an executor?
An executor is an appointed individual who is in charge of distributing and handling your estate in the event of your passing.
What are the responsibilities of an executor?
If you have been chosen to be an executor of an estate, you will likely be accountable for the finances of the estate including taking care of any taxes or overdue bills. Another role that you will have as an executor is that you will be in charge of distributing assets to the beneficiaries as well as handling disputes. To learn more about the role of the executor in detail, do not hesitate to reach out to our experienced estate planning attorney who will walk you through what this role entails and the process you may face as an executor. Our firm is prepared to assist you in navigating this process.
What happens if no one wants to be an executor of an estate?
Individuals may be overwhelmed with the tasks of handling an estate and all of the weight that it carries. In other circumstances, an individual may accept the role without understanding the responsibilities that come with being an executor. When this occurs, courts will not force that person to become an executor if they are not comfortable with filling the role. Instead, an estate plan allows for a backup executor to step into the role.
If no one wants to be an executor of an estate, the court will appoint an individual suitable for the job. On the other hand, the court also has the power to remove an executor from the position if they are not fulfilling the duties or if they are engaging in fraudulent activity.
If you have any additional questions regarding the role of an executor, give our firm a call. We would be happy to walk you through any questions or concerns you may have about appointing an executor or filling the role of an executor. No matter the circumstances, our experienced estate planning firm is here to assist you. We want to assist each of our clients in protecting their future.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.