What is an Executor?
An executor (or "estate trustee with a will") is the person you designate to carry out your final wishes and manage your estate after you pass away.
Executor Duties
- Funeral & Burial Arrangements — The executor is responsible for these initial tasks.
- Asset Management — Collecting all assets, including property, bank accounts, and personal belongings.
- Tax Compliance — Filing final income tax returns and the estate information return.
- Distribution of Estate — Paying all debts and then distributing the remaining assets to the beneficiaries according to the will.
What to Look For
- Trustworthiness — Choose someone you trust completely to follow your wishes.
- Organization — The role requires a lot of paperwork and administrative tasks.
- Location — While not strictly required, choosing someone who lives locally can simplify many tasks.
- Availability — Ensure the person has the time and willingness to take on this responsibility.