When people create wills in Kentucky, they can choose executors to handle their estates after they pass away. People should be careful when they choose an executor to ensure that the person they choose is someone who is both willing and able to handle the many different responsibilities they will have. They will also want to choose someone to step into that role as a successor just in case the named executor passes away or is no longer able or willing to do so.
What is an executor?
An executor is a person named by a testator to handle his or her estate after he or she dies. Executors have numerous responsibilities and must always follow the law as they manage the affairs of the estate in the best interests of the estate beneficiaries.
What are the responsibilities of an executor?
Executors have multiple tasks that they must complete during the estate administration process. Some of these tasks include the following:
- Find the will and file it with the court
- Get a copy of the decedent’s death certificate from the estate
- Inventory all of the decedent’s assets and debts
- Notify the decedent’s creditors of his or her death
- Plan the funeral
- Value the decedent’s assets
- Cancel unnecessary services and eliminate unnecessary costs
- Establish a bank account in the estate’s name
- Pay bills
- Notify all of the interested parties and beneficiaries
- Pay debts
- File the final tax return
- Distribute assets under the terms of the will
Serving as an executor takes a significant amount of time and requires people to get professional help when needed. When people are creating their wills, they should carefully consider whether the person they want to name as an executor will have the necessary time and ability to handle the different tasks involved.