When it comes to succession, an executor is the person responsible for managing your estate. They are in charge of the probate process, managing assets, paying debts, and distributing property to heirs as indicated in the will. An executor is someone you appoint to carry out the wishes left in your will, and they can be a friend, family member, or professional. It is important to name a living person as executor of the estate, and you can also name joint executors such as your spouse or domestic partner and your lawyer.
An executor is a person named in your will or appointed by the court if you don't have a will. They have a legal responsibility to ensure that the terms of the will are met and that the deceased person's affairs are terminated. It is essential to appoint an executor because they will be in charge of taking care of your estate. This can be useful if you share your estate among your children and want to turn your older child into an executor.
When making a will, you usually designate a person to carry out your wishes when you die. This person becomes the executor of the will. Usually, the testator appoints the executor, but if there is no will, then a friend or family member (and even a creditor if no one else does) can request that the probate court appoint them as the personal trustee of the estate. The roles and responsibilities of an executor and a personal administrator are the same; only their positions are different for the purpose of requesting appointment and qualification.
Before any assets, whether personal property or money, can be paid, executors must first settle debts and pay any taxes owed by the estate. Executors are given some powers under the laws of England and Wales, but it is common for lawyers and wills writing professionals to include additional provisions in the wills they provide. At this time, Willful only offers the option of appointing one person to act as executor and trustee of the estate. The difference is that the executors take care of the entire process of administering the estate and, once it is completed (usually in 12 to 18 months), their role concludes. If everyone you ask refuses to take responsibility for being your executor, you may want to name several executors; for example, you may have two people with whom you want to share the position, or you want to appoint a professional executor along with a family member. Alternatively, your executors can choose a professional to manage the estate on your behalf. In Ontario, executors can be fined up to three percent of the entire estate and, if found to have benefited from making a mistake (for example, if they are also heirs), they can be jailed for up to two years.
Once you've confidently decided who you'll choose, and you've had that conversation with him or her, the last step is to formally name him or her executor of your will. Your executor's responsibilities include paying estate debts, recovering money owed, paying your final tax return, and distributing assets and gifts to your beneficiaries.
