Who is an executor?
An Executor is a person who will administer your property according to the wishes you have made in your Will. He is responsible for the execution of your Will after your death, you are trusting him/her to follow your detailed instructions about what will happen with the property you own.
Why do you need an executor?
It is important to appoint an executor so that your property is distributed among the beneficiaries as per your wishes. If you don’t appoint an executor, that means no person is responsible for the administration of your wishes related to the distribution of your property and because the execution of Will becomes necessary after your death, you will end up giving that job to the court.
In the absence of an executor, the court will then appoint an administrator for the execution of your Will. Only the executor can apply for probate. If you miss this step, it can create a fuss for the beneficiaries and again will cost them huge money and time, this is definitely not something you really want.
Duties and Responsibilities of an Executor
- Meeting the funeral expenses from the testator’s property.
- Obtaining the death certificate of the testator.
- The settlement of assets as described in the Will.
- Right and literal interpretation of the testator's wishes.
- Taxation compliances.
- Claiming financial investments like insurance, FD, mutual funds, etc.
- Settling the debts of the testator or collecting the payments due, if any.
- Applying for probate, if required.
How to choose an Executor?
When you choose an executor, keep these things in your mind while making a decision:
- Choose among your trustworthy friends or relatives.
- Your beneficiary can also be your executor, if he/she is a responsible adult.
- Choose that person who is ready to do the above-mentioned duties, if needed.
- Discuss with the person you want to appoint as an executor.
- Choose a person who will not go against your wishes at the time of execution of your Will.
- The person should be a major.
You need to appoint a reliable executor because that person will have big responsibilities on his/her shoulders, that is why, if you feel like doing it, give your executor a small share of your property as his service fee.
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