Executor Training

 In your Will, you will name an Executor or Personal Representative.  All too often, the person named in that role is given very little guidance on what they are to do or what you expect of them.  How would you know exactly what they will be responsible for?  

The more proactive the Executor is in understanding the requirements and specific facts and circumstances of the family for whom they have agreed to perform this role, the more likely this process will go as smoothly as can be expected.   We will spend time with whomever has been designated in that role to ensure he or she is more prepared to step in when needed.

If you have been named as an Executor or Trustee in someone's Will or Trust and you don't feel prepared, you should reach out and share your concern.  We recommend that you insist that a Digital Binder be put in place for everyone's benefit.

An Executor, also known as a “Personal Representative,” is the person named in a Will to carry out the terms of the Will.  An Executor is responsible for overseeing the settling of the estate, paying any debts or taxes on behalf of the estate, and making sure that the people named in the Will as beneficiaries receive their inheritances.  If the decedent is married at the time of passing, often the spouse is named as the Executor.  A properly completed Will would include a secondary Executor, in a case where the primary Executor has passed.  

The Executor has the overall responsibility of administering the affairs of your estate.  In conjunction with your Will, you may have created a Trust in which you have placed specific assets.  The Trustee has been designated specifically to administer and manage the assets within the Trust for the benefit of the beneficiaries, in accordance with the terms of the Trust.  Often the Executor and Trustee are named as the same person.

For more information on the role of the Trustee, go to https://www.nolo.com/legal-encyclopedia/trustees-job-first-six-months-32452.html

Your primary responsibility is to make sure that the instructions made in the Will are properly followed.  However, there are specific tasks that must be completed as well.

Depending upon the nature and complexity of the Estate, your job can include some or all of the following:

• Taking an inventory of assets, protecting certain assets, or selling certain assets (with Legacy Planning, all assets will be clearly outlined in the Digital Binder)
• Representing the estate in any probate proceedings, which includes filing the Will with the probate court and determining whether the estate is eligible for a streamlined probate process. (In a probate proceeding, the court checks the validity of the Will, oversees the process of identifying the deceased person's property, paying any debts, identifying the proper heirs, and distributing the property to them)
• Setting up a bank account for any money that is owed to the deceased and delivered after death, such as final paychecks, stock dividends, or payment of debts owed to the deceased
• Paying debts and taxes, including notifying creditors of the probate proceeding, and filing a final tax return on behalf of the deceased
• Paying any ongoing expenses,  such as making any payments on utilities, a mortgage, or insurance premiums
• Determining who the deceased’s inheritors are and properly distributing assets to those individuals

In accordance with the Legacy Plan, you will immediately notify the appropriate attorney and other professionals that the passing has taken place.  Working with their guidance, and the information that you will find in the Digital Binder, you will execute the applicable actions above.  As a properly trained Executor, you will be familiar enough with the complexity of the Will (and Trust if applicable) and assets/liabilities, to manage more efficiently through the various Executor responsibilities.