An executor is an essential factor in managing a person’s final estate. The appointed person is responsible for making decisions and ensuring that everything about the distribution of the assets is done legally. There are four important reasons why a careful decision must be made when it comes time to appoint one.
- The executor ensures that a person’s final wishes are carried out.
An executor is obliged to carry out the wishes of the deceased according to the will. Therefore, these wishes must be respected and the legal and financial issues related to the estate must be handled effectively. An executor takes on a great responsibility and must be vigilant in his task to ensure that all the terms of the will are fulfilled. The executor must also provide comfort and reassurance for the beneficiaries during a traumatic time.
- The administrator settles debts and distributes the assets of the estate promptly.
Any outstanding debts, such as credit card balances or taxes, must be paid before the asset is distributed. The executor has the responsibility to do so. In addition, creditors must be notified of the death, income taxes must be paid and returns filed, and any debts incurred by the estate must be settled. The executor must provide proof that payments have been made. Finally, if a court order is required, the executor must obtain it. The importance of these tasks must be considered because if they are not successfully completed, the estate can be wound up in probate indefinitely.
- The executor oversees the distribution of assets
The executor has the authority to distribute the assets in accordance with the will. Due diligence, discretion and absolute fairness are characteristics of a good executor. Careful records must be kept to prove that the distribution was in accordance with what the deceased wished.
- The executor is responsible for keeping records, filing reports with the court, and interacting with the IRS.
Record keeping is a crucial function for the executor. Certain reports must be submitted to the court and the Tax Agency must be informed about the estate. The person appointed as executor must therefore have good organizational skills.
Part of a benefit for a legal plan for the group
Group legal plans will offer to write simple wills to the membership. Additional services make this a great advantage. Nationwide Prepaid Legal Services will write a simple will for group members and do a little extra.
We use a nationwide network of attorneys to assist our plan members. These lawyers know how to prepare a simple will and understand that additional prepaid legal services should be provided. For example, a nationwide attorney will advise a person on the importance of appointing the right executor. Our attorney will patiently explain what qualities an executor must have and help choose a good one.
However, it is understood that the class action plan member will be the one to select the executor. We only give advice. The guidance from our advisors is valuable and helps a person make the right decision.’
The organization is involved
We ask potential customers to help create their class action plan. We explain our prepaid legal services to senior management and ask them to decide on the benefits. The options they choose will be included in the final planning document. Countrywide provides member services and administration for the plan.
We guarantee that our lawyers have high emotional intelligence and maintain open communication with the client. Additionally, we aim to resolve issues as soon as possible.
A good executor ensures that all administration and distribution of an estate is done efficiently. It provides security for both the plan member and the beneficiaries. We have other benefit options for prepaid legal services that help people deal with everyday legal situations. Feel free to contact us at your convenience if you have any questions about our services.