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Difference between revisions of "Being Asked to Be an Executor"
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Being Asked to Be an Executor (view source)
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{{REVIEWEDPLS | reviewer = [[People's Law School]] |date= January 2016}} | {{REVIEWEDPLS | reviewer = [[People's Law School]] |date= January 2016}} | ||
{{Being an Executor TOC}} | {{Being an Executor TOC}} | ||
[[File:beinganexecutor-contents1.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.flickr.com</span>]]An '''executor''' is the person named in a '''will''' to carry out the instructions contained | [[File:beinganexecutor-contents1.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.flickr.com</span>]]An '''executor''' is the person named in a '''will''' to carry out the instructions contained in the will. | ||
=== | === What's involved in being an executor? === | ||
When the person who made a will (the '''will-maker''') dies, their property and possessions form their '''estate'''. The executor administers the estate by locating all of the will-maker’s property, paying any debts, the funeral costs and taxes, and then distributing the rest of the estate according to the instructions in the will. | |||
Being an executor takes time, energy and careful attention to detail. An executor can get help from friends and family members and also from professionals such as a lawyer or accountant. However, the executor is the person who is legally responsible. An executor makes the decisions, watches over everything, and needs to keep accurate records. | Being an executor takes time, energy and careful attention to detail. An executor can get help from friends and family members and also from professionals such as a lawyer or accountant. However, the executor is the person who is legally responsible. An executor makes the decisions, watches over everything, and needs to keep accurate records. | ||
=== How difficult is it to be an executor? === | |||
Acting as an executor can be relatively straightforward if the estate is modest; for example, if the estate consists of a car, a house, some personal belongings, and a bank account. But the job of executor can become challenging for many reasons, and you should only take on this responsibility knowing that the task may be time-consuming and stressful. | Acting as an executor can be relatively straightforward if the estate is modest; for example, if the estate consists of a car, a house, some personal belongings, and a bank account. But the job of executor can become challenging for many reasons, and you should only take on this responsibility knowing that the task may be time-consuming and stressful. | ||
