An executor manages the estate administration after a person dies.

Some people enjoy delegating, and others not so much.

Even if uncomfortable, it is often necessary.

Parents delegate responsibility to babysitters so they can attend work or social events.

Managers assign tasks to employees to accomplish as part of their work for the business.

For delegation to work well, the person receiving the responsibility must be trustworthy and capable.

This is true when someone is appointed executor, also known as a personal representative, of an estate.

The estate executor must pay debts for and from the estate before distributing inheritances to heirs.

What Is an Executor?

The executor is the individual who administers the estate on behalf of the decedent.

If the decedent had a last will and testament, this individual would have designated someone to serve in this role.

Responsibilities of executors include legally and effectively following the wishes outlined in the last will.

Executors have the fiduciary duty to manage the estate assets for the benefit of the heirs.

Who Can Be Appointed as an Executor?

To serve as an executor in Kansas or Missouri, the person must be 18 or older and be mentally competent.

This is a relatively low bar.

While most adults could technically qualify as executors, people tend to have higher standards.

Common choices are trusted friends or family members who are organized and responsible.

Executors designated as heirs may have a personal interest in efficiently administering the estate.

A professional like an accountant or estate attorney can also fill the role.

Navigating the Probate Process is an Important Responsibility.

What is probate?

Probate in Johnson County or another county is the legal process for validating and overseeing the last will of the decedent.

The role of the executor is highly involved in the court proceedings.

After the death of the testator, the executor must file the last will with the probate court to be validated.

Throughout the probate process, the executor must notify creditors and heirs, pay debts and taxes, and even appear in court on behalf of the estate.

Managing Estate Finances is the Role of the Executor.

Because executors oversee the management and administration of the estate, finances of the estate are an essential aspect of the role.

The executor must open a bank account for the estate to be used to pay debts and distribute assets to heirs.

The executor should also prepare and file income tax and estate tax returns if necessary.

Working with an accountant or estate attorney can help the executor comply with federal and state laws.

Distributing Assets to Beneficiaries is a Key Step.

If assets are left after paying taxes and debts from the estate, distributions must be made to heirs according to the terms of the last will.

To accomplish this, the executor must understand the wishes outlined in the estate planning documents and work in the best interest of all beneficiaries without showing partiality.

Dealing with Estate Debts and Taxes Must Be Accomplished Before Inheritances are Distributed.

Some people will owe significant taxes and debts when they die.

Yikes!

These will be the responsibly of the estate.

Consequently, addressing these is the role of the executor.

Executors must inform creditors of the death and negotiate payments to settle all liabilities before the distribution of remaining assets.

To minimize personal financial risk, the executor must be aware of the estate's depth and breadth of liabilities.

What is the Fiduciary Duty of an Executor?

A fiduciary duty involves working in the best interests of the estate and beneficiaries.

To accomplish this, executors must avoid conflicts of interest and manage the estate assets according to the wishes of the decedent to benefit the heirs.

Can an Executor Also Be a Beneficiary?

Executors may also be beneficiaries.

If you nominate an executor who is also an heir, you should ensure this person can be impartial in fulfilling fiduciary duties rather than prioritizing personal interests.

What are the Challenges of Being an Executor?

Serving as an executor is a significant responsibility.

Administrating an estate can require extensive time and energy.

The financial, legal, and emotional complexities are not for the faint of heart.

Executors must demonstrate attention to detail and remain organized while addressing the complexities of the estate and family dynamics.

Why is Estate Planning Important?

The role of the executor is simplified with a legally valid will written to address the wishes and personal circumstances of the testator, state laws, and family dynamics.

If the last will does not address these, the executor will find the estate administration complex and frustrating.

Schedule a Consultation to Get Your Affairs in Order.

You should work with an experienced probate attorney to set your executor up for success.

Note: Not all "estate planning" attorneys are also "probate" attorneys.

For example, we refer all probate matters to local Kansas and Missouri attorneys who provide such services.

If You Need More Time to Consider, Remember These Key Points.

The role of the executor is to administer the estate per the terms of the last will.

Executors must interact with the probate courts to validate the last will and testament and be accountable for the actions taken to settle the estate.

The process involves paying debts and taxes as well as distributing assets.

While serving as executors, they must work in the best interest of the beneficiaries and the estate while exercising caution and care to avoid the selfish actions of beneficiaries.

Although the role demands financial, emotional, and legal knowledge, the responsibilities of the executor can be simplified through proper and comprehensive estate planning.

Ultimately, thoughtful care must be taken in appointing an executor and creating an estate plan.

This post is for informational purposes only and does not provide legal advice. You should contact an attorney for advice concerning any particular issue or problem. Nothing herein creates an attorney-client relationship between the Law Offices of Kyle E. Krull, P.A., and the reader.