When someone passes away, the probate process ensures that the person’s assets go to the right people. The executor or administrator is key to this process. These roles come with big responsibilities, and the people in these roles are crucial in wrapping up the deceased’s affairs.
What are executors and administrators?
Executors and administrators play similar roles during the probate process: managing the estate and dividing it among the beneficiaries. However, the situations in which they manage an estate are slightly different.
An executor is someone the deceased has named in their will to take care of their estate after they die. This role is important because the executor makes sure that what the deceased wanted happens.
If there isn’t a will, or if the will doesn’t name an executor or if the named executor can’t do the job, then the probate court usually appoints an administrator. This person manages the estate according to state laws.
What tasks do they perform?
The executor or administrator has several duties, which typically include:
- Collecting and listing the deceased’s assets – This means everything from bank accounts and stocks to personal items and property.
- Paying debts and taxes – Before they can give out the assets, the executor or administrator must pay all debts, bills and taxes for the estate.
- Distributing the remaining assets – After paying the debts, the executor or administrator gives out what remains of the estate to the beneficiaries, either according to the will or based on state laws.
- Filing necessary court documents – During the probate process, they need to file various documents with the court to show that they handle the assets correctly.
Overall, being an executor or administrator is not just about paperwork; it is a role that requires honesty, hard work, and care. They must ensure that the probate process respects the memory of the deceased and is fair and complete for everyone involved.