Executor of a Will

What is an executor of a will?

The executor of a will is the person responsible for managing the estate assets of an individual who has died, known as the decedent. This typically involves settling outstanding debts from the estate and distributing the decedent’s remaining assets according to their wishes.

The role of the executor of a will is to settle debts and distribute assets, and there is a specific legal process the executor must follow to ensure the estate is settled properly. This process, known as probate court, begins by confirming the validity of both the will and the decedent’s death certificate before granting the executor access to their assets.

Once the executor is granted access, it is their responsibility to take stock of the decedent’s assets and determine if there are any remaining benefits or debts owed to the decedent. This could include life insurance benefits, Social Security distributions, and unpaid employee benefits, among others. All of these assets are used to pay off any existing debts or estate taxes owed by the decedent’s estate, at which point the remaining assets are distributed according to the terms outlined in the will.

The executor of a will is often a family member or close friend of the decedent, although some people enlist a qualified outside party to help handle their estate administration, and in other cases, an executor may be appointed by the state. Although the requirements for serving as an executor vary from state to state, most places simply require the executor to be at least 18 years old and of sound mind.

FAQs 

Can a beneficiary be an executor?

Yes, and it is quite common for a beneficiary to serve as executor. When creating your own will, it’s important to select someone you trust to execute your estate. In most cases, a person this close to the decedent will also be named as a beneficiary.

Can an executor withdraw money from a deceased bank account?

Yes. Once an executor has access to the decedent’s bank accounts through the probate process, they will have full control over the funds contained therein. 

Is an executor compensated for their time?

Yes, typically. In many cases, a will contains terms outlining reasonable compensation for the executor’s work in settling the estate. This could be a flat fee, a percentage of the estate, or some sort of arrangement based on the time it takes to settle the estate. In cases where there is no compensation addressed in the will, many states have laws requiring reasonable compensation be paid to an estate’s executor.