Postmortem planning is part of the equation when you are planning your estate. Leaving behind written instructions is part of the process. However, who is going to follow these instructions? This individual would be the executor if you use a last will to state your final wishes.
Duties of Executor in San Jose CA
What does the executor actually do? There are numerous different duties that are going to fall into the hands of the executor. The extent of the work will depend on the exact nature of the estate in question.
We will look at broad generalities in this post. First of all, the executor must admit the will to probate. The probate court will supervise the administration of the estate. Because of this, you should understand the fact that the heirs to the estate will not be receiving their inheritances immediately.
Why is probate necessary? The heirs to the estate are not necessarily the only interested parties. Imagine lending someone a lot of money. Unfortunately, this person passes away. He passed away in possession of more than he owed you.
Would it be fair for his heirs to split up all of his resources while you suffered the loss?
To address this type of scenario the probate process compels the executor to pay valid final debts before assets are distributed to the heirs to the estate.
The executor also must prepare the assets for distribution to the heirs. This is going to involve securing physical property early on so that no one has the opportunity to take things that they think they may be entitled to.
Life would be easy for the executor if the only assets that needed to be distributed were liquid. He or she could just slice up the liquidity like a pie and the matter could be easily handled.
However, things are not always this easy. The liquidation of various forms of property may be necessary. This can be challenging, and it can take time.
The executor must also deal with any disagreements among interested parties that may present themselves during the process of probate. This could devolve into an all-out challenge to the estate.
Choosing the Perfect Executor in San Jose CA
Your executor should have a good bit of business savvy. Age is a factor as well. Clearly, you want to select someone who is likely to be alive and well when you pass away.
A willingness to serve in the role is also something to take into consideration. You may consider it to be an honor that you are bestowing upon someone else. The prospective executor may view it in another way.
You should also choose an executor that has the time to do the job. Properly administering the estate is not something that can be done over a long weekend.
If you have been named as the executor of a will and the will needs to be probated, we invite you to contact us for a free probate consultation.