The Personal Representative is the designated person who adopts the legal responsibility to administer the estate after the testator’s death. As an Executor, you will take control of the estate assets, pay off creditors, and perform distribution according to the terms described in the Will.
The Executor’s role encompasses a wide range of powers, duties, rights, and responsibilities. This guide will help you gain a practical understanding of what it means to be a Will Executor.
An Executor’s rights and duties
As an Executor, the court gives you certain powers to act on behalf of the decedent to carry out the following actions under state law.
- Securing assets: You must identify, secure, and manage all the estate’s assets. It includes finding and paying creditors, closing financial accounts, and taking possession of the estate’s property. In some states, you must also submit inventory details in the probate estate.
- Approving or denying claims: Creditors of the estate can submit a claim that you must review to either approve or reject based on those claims’ validity.
- Paying bills and debts: As the Executor, you have the power to pay approved claims and outstanding bills out of the estate assets.
- Defending the estate: The beneficiaries may decide to contest the decedent’s will, and the estate may face litigation from the creditors. When this happens, it will be your job to defend the estate against financial losses.
- Selling assets: If an estate lacks sufficient liquid assets to pay outstanding claims and debts, you will have the power to sell estate assets to raise funds.
- Transferring assets: At the end of the estate probate, you will have the authority to prepare necessary legal documents to transfer the remaining assets to the estate’s beneficiaries and heirs. However, your role as an Executor will continue when a trust holds the assets of children or beneficiaries with disabilities.
What can an Executor not do?
As a fiduciary to the estate, an Executor is limited in his ability to act and explain that all decisions are in the estate’s best interest. If you mismanage the estate, the probate court may remove you as an Executor.
State law prohibits the Executor from carrying out the following activities.
- Sign an unsigned Will on behalf of the deceased.
- Take action to manage the estate before being appointed as Executor by the court.
- Sell assets for less than fair market value without the agreement of the beneficiaries.
- Change any terms and provisions in a Will.
- Stop the beneficiaries or heirs from contesting the Will.
About MT Paralegal & Consulting for Wills & Estates
If you lack the knowledge and skills to contest claims or carry out the probate, we offer Wills and estate planning expertise. MT Paralegal & Consulting ensures that the probate process is transparent and cost-efficient. We can refer you to our network of estate probate attorneys for more complex cases. Reach out to us at 240-230-7925 or michelle@mtparalegal.com and let us simplify the probate process for you.
