Typically, when someone
writes a will, he or she must specify or name an executor.
Oftentimes, testators choose those who are close to them,
specifically someone whom they trust wholeheartedly. If you are one
of these people chosen to be an executor, here are some things you
need to ask
the probate attorney:
Do I have to serve
as an executor?
If you feel that you
don’t have the time, skill, or willingness to take on the job, you
have the option to renounce the appointment. The alternate executor
named in the will can step in, or if no one is available, the Court
will appoint someone else.
What are my
responsibilities?
Basically, an executor
acts like the alter ego of the deceased, making sure that the estate
is distributed to those who are entitled. Important tasks of an
executor include managing the estate assets, collecting information
on the beneficiaries, and paying off any existing taxes or debt. You
can share such responsibilities with a trusted probate lawyer.
Will I get paid?
Of course, you took on
the role of executor to honor the deceased person’s final requests,
but you ought to know that you’re still entitled to payment. The
state law regulates the amount of the executor fee, which is
typically calculated as a percentage of probate assets.
