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Difference between revisions of "Ten Steps to Being an Executor"
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Ten Steps to Being an Executor (view source)
Revision as of 02:07, 21 December 2016
, 02:07, 21 December 2016→What are the key responsibilities of the executor?
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[[File:beinganexecutor-contents2.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.flickr.com</span>]]On a person’s death, the executor’s responsibilities include: | [[File:beinganexecutor-contents2.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.flickr.com</span>]]On a person’s death, the executor’s responsibilities include: | ||
* safeguarding the property left behind, such as by notifying the house insurance company if the house is now unoccupied, | * safeguarding the property left behind, such as by notifying the house insurance company if the house is now unoccupied, | ||
* making the funeral arrangements and paying the funeral expenses from the deceased’s estate, | * making the funeral arrangements and paying the funeral expenses from the deceased’s '''estate''', | ||
* locating the property, also known as '''assets''' of the estate, | * locating the property, also known as '''assets''' of the estate, | ||
* paying any '''debts''' and taxes, and | * paying any '''debts''' and taxes, and | ||
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{{PLSTipsbox | {{PLSTipsbox | ||
| text = The executor is a trustee, bound to act for the good of the estate, even though the executor may also be a beneficiary or have a personal interest in the estate assets. The executor must put the interests of the estate before their own personal interests. As a trustee, the executor is accountable to the beneficiaries. For example, as executor, you must keep records and give all beneficiaries a final statement of accounts. | | text = The executor is a trustee, bound to act for the good of the estate, even though the executor may also be a beneficiary or have a personal interest in the estate assets. The executor must put the interests of the estate before their own personal interests. As a trustee, the executor is accountable to the beneficiaries. For example, as executor, you must keep records and give all beneficiaries a final statement of accounts. | ||
}} | }} | ||
=== What if I don't want to act as executor? === | === What if I don't want to act as executor? === | ||