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Explaining the role of a will executor

On Behalf of | Jul 6, 2018 | Family Law

Serving as the executor of a will is a responsibility many people will have in their lifetime. You might be asked by a parent, a sibling, a friend or a cousin. You might even be asked by someone you barely know but they ask because they trust you. Whatever the situation, if you are asked to be an executor and you accept, you need to know the role you must perform in Lafayette.

First and foremost, you will be responsible for holding the reading of the will for all interested parties after you obtain the most recent copy of the document. You will also have to file the petition with the court to have the will sent to probate.

You will need to gather the assets of the will, including anything held in a safe deposit box, so they can be appraised. These are the assets that will be distributed according to the instructions in the will to the beneficiaries.

The executor of a will has the authority to work with banks and other financial institutions to find the accounts of the decedent so they can be emptied or transferred into a beneficiary’s name.

If there are state and federal taxes due, it is your responsibility to pay those taxes. This includes filing tax returns on behalf of the decedent and the estate. Other taxes that must be filed include estate tax and death tax.

Being named a will executor is important. It is a legal position that must be carried out based on the instructions provided in the will by the decedent. This helps make the distribution of assets to beneficiaries seamless.