Naming an Executor is Important
The News Journal
by Nancy F. Blumberg, CPA, CFP
and John H. Sterling, CPA
Simon Master & Sidlow, P.A.
What is an executor of a will?It’s the person who handles the deceased’s affairs during the probate process.Without a will, the court will appoint someone to perform this function.
Therefore, it is important while a person is making out a will to name an executor and get his or her agreement to perform this function.It is also important for the person to discuss the responsibilities of the executor so the person knows what is expected.
Many people don’t realize the work that is involved.The executor’s job usually involves lots of time and effort and frequently exposes him or her to personal liability.
The executor locates the will, offers it for probate in the proper court, collects the assets so they can be distributed according to the terms of the will, safeguards the assets and makes sure they are appraised, files the necessary federal and state tax returns, pays any related taxes, cancels credit cards and various accounts, pays the debts of the estate and distributes the assets of the state. More…