What Does It Mean To Be Named Executor of a Will?

//What Does It Mean To Be Named Executor of a Will?

If you have been named the Executor of a Will, you are the person who must carry out what the Will says.  You have responsibilities and rewards. The responsibilities include gathering all of the assets; finding the accounts, the investments, the real property and personal property of the decedent. They also include paying the bills of the decedent and the estate — the funeral and related expenses, the final medical bills, the fees and taxes associated with the estate as well as all of the other loose ends of that person’s life. The Executor (or Executrix in the feminine) has the responsibility of moving the estate from probate to final distribution.

Being the Executor also has rewards. The Executor’s fee is most commonly based on the Johnson Scale. The Executor’s fee is a percentage of the estate. The larger the estate, the larger the fee.

The Executor of an estate will make an appearance at the Register of Wills Office in the County where the estate is being opened. There is no personal cost to being an executor, though there may be times when funds are required to transact business prior to the opening of an estate financial account. The Executor will be reimbursed, assuming that there are funds in the estate.

Marshaling the assets, paying the bills, dealing with the taxes and fees are the things which the Executor will have to do. The assistance of a law firm who is experienced in estate administration will be a true asset for you at this time. Please call on us if you have been named the Executor of an estate. We would be honored to assist you. The fees are reasonable and we will be with you every step of the way.

2018-01-17T11:37:40+00:00 January 17th, 2018|Estate Planning and Administration|0 Comments

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