Creating a last will and testament can be a tedious process. It can be difficult to consider what happens to your property and assets once you pass. As part of your last will and testament, you may want to choose an estate administrator or executor who will take care of matters once you pass. The estate administrator you choose will be responsible for seeing your estate through the probate process, so it is critical you select someone who will do well in this role. What is the executor’s role in the probate process exactly?
The probate process is designed to take care of the estate and finalize matters that are listed in the last will and testament. The executor gathers all of the property and assets in the estate and has them evaluated. This includes term life insurance policies, homes, vehicles, furniture, antiques, retirement plans, stocks and other assets. Once the estate’s value is determined,any expenses left behind, such as past due taxes, are then paid out of the estate. The remaining property and assets are then distributed to the beneficiaries who are named in the will. The estate administrator is responsible for finding the beneficiaries and ensuring they receive the inheritance they are entitled to.
Since this process can be quite time consuming, it is important to choose an executor you feel with have the time and resources to complete the task. If you do not name an executor in your will, the state may appoint one for you.
This information is intended to educate and should not be taken for legal advice.