{"id":819,"date":"2017-10-26T15:40:18","date_gmt":"2017-10-26T15:40:18","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=819"},"modified":"2024-10-04T19:48:50","modified_gmt":"2024-10-04T19:48:50","slug":"what-does-an-executor-will","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/what-does-an-executor-will\/","title":{"rendered":"What Does An Executor of a Will Do?"},"content":{"rendered":"

Introduction<\/h2>\n

Unless you are an attorney or a financial planning expert, dealing with an estate is probably something you will only do once or twice in your life. When a loved one dies, you may be named the executor of the estate in the will that individual leaves behind. If you are the beneficiary of an estate, you may need to deal with the named executor to get the assets you have coming. Either way, it pays to have an expert in your corner, someone who understands the duties of the executor and can explain exactly what this important individual will be doing.<\/p>\n

First and foremost, it is important to understand exactly what an executor is. Once you know the definition of an executor, you will be better able to understand your duties and your rights.<\/p>\n

What is an Executor?<\/h2>\n

The executor of the estate is the individual entrusted with ensuring that the final wishes of the deceased are granted. These final wishes may include the disposition of assets and possessions, as well as the sale of the family home and the distribution of the proceeds.<\/p>\n

Being named the executor in a will is an honor, but it can also be an intimidating experience. As an executor, you have a great deal of responsibility, and serving in this position can be both time-consuming and emotionally draining.<\/p>\n

The more you know about the job of the executor and how it works, the easier it will be to perform your duties. As the executor of the will, you will be responsible for ensuring that any debts and obligations are paid and that all creditors are satisfied. You will also be responsible for distributing the remaining assets to the heirs named in the decedent’s will.<\/p>\n

By law, the executor of the estate does not have to be an attorney or a financial expert, but having some legal and\/or financial expertise will make the job a lot easier. If you have been named the executor of a will and do not feel comfortable with your level of expertise, you can always reach out to an experienced estate attorney for help and guidance.<\/p>\n

A Fiduciary Duty<\/h2>\n

As an executor, you have a fiduciary duty, meaning that you are required to act in good faith when dealing with the will and the final wishes of the decedent. This is an important responsibility, both financially and legally, and it is important that you understand your rights and responsibilities in this regard.<\/p>\n

When you act as an executor, you will not be entitled to any proceeds from the sale of property held in the estate. Depending on where you live, you may be entitled to a fee as compensation for your time. Most states mandate that the fee paid to the executor be reasonable, and that fee is typically based on the size and complexity of the will in question.<\/p>\n

What Are the Duties of the Executor?<\/h2>\n

As the executor of the will, it is important that you understand your duties – and how they are to be executed. The exact duties with which you will be charged depend on the size of the estate and the complexity of the will, but those responsibilities will typically include:<\/p>\n