Essential Considerations as an Executor
Before an individual passes away, they will need to ensure their estate is in order and part of this process means picking an executor to help distribute funds and any assets. Even if the planning is completed with one of the funeral homes in Pensacola, FL, there will still be a need to have someone who can manage the estate until all aspects are finalized. Understanding what an executor does is crucial, so let’s look at some of their most critical responsibilities.
What Does the Executor Do?
While each estate will vary, the typical duties of an executor include the following:
Taking control over probate assets, including:
- Business interests
- Retirement proceeds or life insurance
- Accrued salary
- Bank accounts
- Personal property
They will also be required to work with the attorney if there are probate proceedings. In addition to this, they will be responsible for the following:
- Paying any expenses or bills from the estate
- Determining any distributions from the estate
- Working with the estate accountants
- Keeping detailed records and an inventory of assets for the court
- Making distributions to beneficiaries or heirs
What do You do If You are Named the Executor?
If someone chooses to name you as an executor, this could be considered an honor because you will play a crucial role in carrying out the terms of their will and allocating their assets. Typically, individuals nominated as executors are respected and trusted by the individual making a will, making it a personal and essential role.
Do Executors Get Paid?
Typically, executors are entitled to some compensation. In case there is no will in place, the amount will vary depending on where the individual passed away, or there may be provisions for compensation listed in the will.
Does a Court Need to Approve the Executor?
The executor will need to be approved by a court to be nominated. Once the appointment is approved, if you have any questions about responsibilities and duties, you should consult an attorney licensed in your state.
Other Considerations
The executor will also need to get a copy of the death certificate, and it is recommended to get at least a dozen certified copies. They will also be responsible for notifying organizations and individuals about the loss. While an attorney can help give some notice, the executor typically does this on their own.
Additionally, all assets will need to be documented, and the estate will need to be managed by canceling unnecessary services such as television or gym memberships. Any remaining debts will need to be paid off, and once all assets have been distributed, the estate can then close.
Your Team of Trusted Professionals
Executors play a crucial role and bear a lot of responsibility so understanding how to fulfill their duty is the first step in making the process easier. So, whether you’re planning or have just recently lost a loved one and are researching funeral homes in Pensacola, FL, our team is here to support you. We are a full-service funeral home and will work alongside you to create a truly memorable event for your loved one, so contact us today for more information about our services.
