It’s a common practice for parents to name their adult children as the executor of their will. They likely believe their child is trustworthy and will administer the estate according to their wishes.
If your parents name you as executor, it’s imperative to understand the requirements of the role.
What are the duties of an executor?
After an individual passes away, the executor manages the estate in compliance with Kentucky’s laws.
The executor’s first requirement is validating the will with Jefferson County Probate Court or whichever county the deceased lived in at the time of their death. The executor will also need letters authorizing them to act on the deceased’s behalf.
The next task is to locate, secure and inventory the deceased’s assets. This is to ensure that all assets are safeguarded and another relative doesn’t come along and take ownership of some personal items or valuables, such as a safe deposit box.
Before any of those assets can be distributed to the beneficiaries, the executor will need them to satisfy debts or pay any taxes owed by the deceased. Once outstanding accounts have been settled, the executor will distribute the remaining assets to the beneficiaries according to the specific instructions laid out in the will.
Being an executor is time-consuming and can be emotionally tasking, especially if the executor is suffering their own loss and grief. The process can take anywhere from six months to a year.
If your deceased parent named you as an executor, it’s okay to feel overwhelmed and feel that you are not up to the task. There are professionals who can help and ensure you comply with state laws.