Why Hire An Estate Executor?

Posted by Victor Dela Casa

While it's truly an honor to be named an estate's executor, the position carries with it an enormous amount of responsibility that requires the person to do plenty of hands-on work. If the person writing the legal will is smart, he will choose the executor wisely and diligently during the process of estate planning. A person who can handle the stresses that come with the responsibilities involved in such a role is a good choice.

An executor's primary role is to make sure they become the living representation of the deceased person. During probate, getting the courts to give the executor authority through a legal, written directive to do business on behalf of the deceased is extremely crucial.

Once authorized, the executor can obtain all existing accounts and assets, including safety deposit boxes. They can speak with companies and government services on behalf of the deceased, pay all remaining debts and carry out the will and distribute inheritances among heirs. Once all assets have been distributed accordingly, an executor is discharged by the court and the estate is closed.

It's not entirely easy, which is why experts emphasize the importance of consulting regularly with the person who wrote the will, speaking with the heirs and seeking assistance when needed. According to a certified public accountant and financial specialist, getting the right information can help reduce taxes or lower the costs of administering the estate, while a financial expert can help file the returns for the estate and the individual.

Executors aren't always named in a will and the job is non-obligatory, which means one can decline an offer to be an estate's executor. However, under U.S. state laws, the executor of an estate is generally entitled to certain percentages as payment for their part in carrying out the will properly. They are commission-able for the estate's income and other unusual or extraordinary services rendered.

(Originally Published Markowitz and Gravelle LLP Law)

About The Author

Victor Dela Casa is a Filipino-Canadian who spent over a decade working as a business professional in Canada. Worked in IT, finance, marketing, international trade, public service, project management and the maritime industry. Degree in Economics from the University of the Philippines and Honours Diploma from Eastern College. Currently based in the Philippines and working as a professional writer for a multi-national business processes firm.