When an individual creates an estate plan, they are preparing for what happens to their assets after they pass away. Part of creating an estate plan requires the individual to assign an executor to take care of these plans. An executor is chosen in order to ensure an estate is handled the way it was intended to be. This is a very important job, as they are required to carry out a loved one’s final wishes during a very difficult time. An executor is tasked with many responsibilities. When the individual who created the will passes away, they can begin to handle the administration process.
What does an Executor do?
An executor is accountable for managing an individual’s assets when their life is over. They are in charge of the estate and must make sure it is handled correctly. Like all jobs, being an executor comes with tasks that must be completed. The first thing an executor is required to do is bring the will in the estate plan to court so that the process of probate may begin and the will can be approved. When this is done, they must take care of any finances, such as outstanding payments or taxes that must be paid off. To do so, the executor may need to enlist the help of an attorney or an accountant to ensure the payments are being made correctly. Another important part of the estate administration process is correctly distributing all assets in the estate to their beneficiaries. If the will is at all contested, the executor is responsible for solving any issues.
It is possible for an executor to be removed from their position. This can happen if they do not do their job properly. Examples of this may be negligence in handling the estate or the failure to act in the best interest of the estate and the individual who created it. If an executor exhibits this type of activity, a motion may be filed to have them removed from the position. A judge will then either approve or deny this motion and possibly assign a new executor to finish the job.
Choosing an Executor
When a person is creating an estate plan, it is important to consider who they wish to carry out these plans. This is a very large decision that should not be made impulsively. The job should belong to a person whom you trust to take care of your last wishes. It should be a person who can handle a very overwhelming and drawn-out process.
Contact our Firm
If you are looking to create an estate plan and wish to appoint an executor to your will, contact JD Katz, Attorneys at Law today.
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.