The estate’s executor serves an incredibly important role. This is why it is best to use great care in selecting the person who performs this duty. Before choosing an executor, it is important to understand what they do with regard to the estate.
Simply stated, the executor handles the estate. They are responsible for managing all the property until it is distributed. Then, they handle the actual distribution to the beneficiaries. The executor will help the estate through the probate process.
Maintaining and Managing the Property to Be Distributed
Even before distribution, the executor has a crucial role. With probate, distribution does not happen right after death. During this time, the property and assets must be maintained. For example, if there is a home and car, they must be kept in good repair. They must also look after and manage the estate’s investments.
Then, the executor will distribute the assets, following the terms of the will. First, they must pay creditors their claims, and then they distribute the remaining assets. This is their most important function. Once that is done, they will seek permission from the court to close out the estate.
In the meantime, they will handle all of the finances for the estate. This includes managing the estate’s income before it is distributed and paying any bills. For example, the estate may receive dividends as income. Alternatively, if the estate includes a house, it must pay property taxes and insurance on the house until it is passed down or sold.
Libertyville Estate Planning Attorney
At Charles T. Newland & Associates, we are here to help with all of your estate planning needs. We can also assist with probate matters. Contact us online or call us at 847.797.9300 to learn how we can assist you.
