An executor is a professional who is related to the field of law. He is a person who is responsible for execution and protection of various tasks related to the property or will of a deceased person. In this sense, an executor has certain important duties to fulfil such as looking after the property and the assets of the deceased person. Although an executor is chiefly a legal representative however even a common man may also act as an executor. It implies the properties, assets or money of the deceased are protected under executor protection law or rules. Hence anyone may opt for executor protection so as to ensure that his/her property, assets and all belongings remain safe even after the owner is no more.Some of the chief duties performed by an executor are as mentioned below.
Management of the assets of the deceased– It is one of the chief duties or tasks performed by an executor. He/she is responsible for management of all the assets, money or properties of the departed person. It may include finding of all the properties, assets as well as other belongings mentioned in the will and to decide if these are to be sold or transferred to family members or relatives of the deceased. Also it includes finding of the inheritors of the property.
Establishing validity of the will- An executor is also responsible for probating or establishing the validity of a will in the court. It is in fact one of the most challenging tasks performed by an executor in some cases. It is because sometimes the will of the deceased is quite complicated and may require hard efforts by the executor.
Payment of taxes, debts and bills of the deceased– Another important duty performed by an executor is payment of taxes and debts of the deceased. It may include payment of property taxes or any debts owed by the deceased to the creditors. All this is done under state and federal laws. Apart from taxes and debts, the executor is also responsible for payment of utility bills, payments relevant to the mortgages and insurance premiums using the estate funds. The executor keeps on fulfilling this duty till the property and the funds are transferred to the respective successors.
Administer the allotment of the property of the deceased- It is also an important duty of the executor that requires him/her to those who are entitled to get it as per the will and according to the state law.
These are all the important duties performed by an executor.