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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)
Revision as of 21:58, 21 March 2019
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== An executor’s role ends when the court formally discharges them == | == An executor’s role ends when the court formally discharges them == | ||
In general, it can take about one year to complete the work of executor for a straightforward estate. This is commonly referred to as the “executor’s year.” | [[File:Being an Executor - Contents3.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]]In general, it can take about one year to complete the work of executor for a straightforward estate. This is commonly referred to as the “executor’s year.” | ||
That said, there is no strict time when the responsibilities of the executor are finished. The executor remains responsible for looking after the estate, even after the estate property has been distributed to the beneficiaries under the will. If assets or debts turn up years later, the executor will still be legally responsible for dealing with them. | That said, there is no strict time when the responsibilities of the executor are finished. The executor remains responsible for looking after the estate, even after the estate property has been distributed to the beneficiaries under the will. If assets or debts turn up years later, the executor will still be legally responsible for dealing with them. | ||
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== If you agree to being someone’s executor == | == If you agree to being someone’s executor == | ||
If you agree to act as an executor, make sure you have a current copy of the will. Keep it in a safe place where you can find it easily. And make sure you know where the ''original'' will is kept. Ask the will-maker to give you a list of all of their assets and debts. Down the road, your job will be easier if this list is kept up to date. | If you agree to act as an executor, make sure you have a current copy of the will. Keep it in a safe place where you can find it easily. And make sure you know where the ''original'' will is kept. Ask the will-maker to give you a list of all of their assets and debts. Down the road, your job will be easier if this list is kept up to date. | ||