When you are planning your estate and writing a will, it is important to have an executor who will be in charge of putting things in order once you are gone. You should seek the advice of wills and estate lawyers so that you make the right selection. There are many options you can choose and it could be a professional as well as a close family member or friend. They could be paid or they could also volunteer their time. However, the most important thing is to know their duties so that you can choose the best person for the job.

Opening the Estate

This is one of the first duties of the executor. To open an estate means making the necessary filings with authorities so as to start probating the will you have left behind. There are probate courts that are charged with scrutinising various documents to ensure that the executor has the authority over you estate. With the help of wills and estate lawyers, the executor should be able to file the necessary documents and get the permission to start his work.

Collection of Assets

The next job of the executor is to collect all your assets and make an accurate inventory. This will be guided by the will you have left behind. This can take a lot of time and may also involve collect loans advanced to friends and family members. This is the reason why most people pick outside parties to be their executors. Your spouse or loved one may still be mourning, have other responsibilities such as taking care of minors or their career, and thus they might not have the time or the energy. An outside party, preferably a person with some knowledge of law and accounting, can help you in this stage.

Management of the Estate

If you have any liabilities, these have to be paid before any property is passed on to the beneficiaries. This might involve selling of certain assets so as to meet these outstanding bills. An executor who is well versed in business matters, such as Peter Fisher Lawyers, is appropriate for this stage. Once the payments have been made, the executor makes an application for the closure of the estate. If the court is satisfied then it grants permission for distribution of the remainder of the estate to the beneficiaries. The will should be used to ensure the distribution is according to the desires of the deceased.