Appointment of Executor


What is execution of will?

The execution of will refers to a process by which the will of the testator is executed and made legally valid. 

An executor (or executrix) of an estate is an individual appointed to administer the estate of a deceased person. An executor is a representative of the Testator. An Executor can be a trusted friend, confidante, or even a professional. An executor is mainly responsible for carrying out the wishes of the deceased person based on instructions spelled out in their will or trust documents, ensuring that assets are distributed to the intended beneficiaries in the manner desired by the deceased testator. In other words, Executor is entrusted with the duty of execution of a will. Executor shall be responsible for the settlement of assets and property of the deceased testator. Since it is a huge responsibility and may sometimes involve certain complications, it is always advisable to avail services of a professional. If an Executor has adequate legal guidance, then he will better be able to guide about the legal complexities involved in obtaining probate and or recommend
certain clauses, which may be incorporated in the will while drafting the same. 

Duties of an Executor

  • To manage the funeral expenses from the estate left by the testator,
  • To apply and obtain a death certificate,
  • To interpret the will precisely and distribute the assets to the right beneficiary.
  • To prepare a list of assets to be sold or disposed of,
  • Manage expenses to maintain all properties until disposed off,
  • To apply for probate,
  • Payment and collection of dues,
  • To maintain a record of all transactions, and
  • To be a legal representative of the testator.  

Rights of an Executor

A person doesn't need to accept the appointment of executor/ executrix. The rights of an executor are as follows:

  • He/she has the right to refuse the appointment, and after commencement, he/she can step down from the position.
  • He/she has the right to consult an attorney, financial advisor, or any other professional, who he may think can guide him/her.
  • Every state in India gives the executor the right to be reimbursed for all the expenses he/she may have borne like, filing fees, copy and postage expenses. Also, the executor has the right to be compensated for the time and effort put in.

Conclusion

Hereunder, ELT Consultants offer to play the role of an executor. A role of an executor is a tough job and should be handled by an experienced will execution lawyer like ELT Consultants.

FAQs

An executor is a legal representative of the testator. The duties of an executor are as follows:

  • Settlement or disposing of the assets/ property;
  • Filing application for a probate as per requirement;
  • Filing a case on behalf of the testator; 
  • Manage expenses to manage assets of the testator until its distributed; 
  • To manage funeral expenses from the estate; 
  • To prepare an extensive inventory of the assets to be distributed and maintained a record of the same; 
  • Collection and payment of debts, from the assets left by the testator; 
  • Issuing an ascent of legacy to the nominee.

An executor is the one who manages affairs after the death of the testator. Whereas, the trustee is a person who runs the trust that a will creates. Both executor and trustees are fiduciaries. A fiduciary refers to a person who is put in charge of someone else’s money.

Anyone 18 years and above can be appointed as an executor like a friend or a family member. Approximately, four executors can act at a time, but they shall act jointly so it might not be practical to appoint that many people. However, it’s a good idea to appoint two executors in case one of them dies before the testator dies.

An executor is the one who will execute your will post-death of the testator.  It is not mandatory to appoint an executor, however, many people do appoint the executor in order to avoid any disputes between the beneficiaries.

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