Executors - What you need to know.

I had a question about the role of the Executor. My client wanted to make the right selection among their children. I did advise them that anyone could be selected for the role. You are not limited to family members, professionals or an institution.

Under the law, the Executor has all the necessary powers to administer the estate upon ones death. This would involve gathering up the assets (opening up an estate account) and making the distributions in accordance with the Will provisions. The Executor makes sure the debts and inheritance taxes and final taxes are paid before beneficiaries receive any assets. The Executor's role ends at the completion of administration of the estate.

If there is no Will, the court then appoints an Administrator who has the same role and responsibility as the Executor.

Contact us at www.ythlaw.com for your estate planning, probate and elder law needs.