What is an Executor of a Will: Duties, Benefits, Criteria and Traits

source: cjchsolicitors

A Will is important to ensure that your properties are distributed according to your intent after your death. In a Will, you mention how your spouse, children, and other heirs will get your properties and wealth.

As making the testamentary record is essential, appointing someone as an executor of the Will is also necessary, although it is not mandatory. By making someone an executor, you confer him or her the responsibility of distributing your property.

While creating Wills, as a testator, you can appoint a person as an executor who will be responsible for the proper execution of your intention regarding property distribution. An executor can be a family member, lawyer, or accountant.

You entrust upon him the legal power to execute your Will properly. Nevertheless, you should choose someone you can trust and think is the right person to do so.

Here is what an executor of a Will has to do in case of the demise of testators:

• Paying Funeral Expenses: They can use the assets of the deceased testator to pay expenses incurred in funeral rites.
• Procuring Death Certificate: The executor must take the necessary measures to obtain the testator's death certificate.
• Interpreting Will: Executors are responsible for making beneficiaries understand the things mentioned in the Will.
• Distributing Property: They are responsible for distributing the deceased person's assets, wealth, and property according to the Will.
• Paying Testator’s Dues: Executors of Wills need to pay all the debts and other financial obligations of the deceased testators. They can use testators’ assets to pay off all those dues.
• Paying Taxes: The executors must pay the income tax of testators for the last year of their life. Additionally, they also need to pay property taxes on behalf of testators.
• Keeping Records of Transactions: Executors are responsible for maintaining all transaction records. Transactions can include funeral expenses, tax payments, loan repayment, etc.
• Managing Legal Actions: If testators pass away with pending legal proceedings, executors must put on their shoes and continue the legal actions.

There are several reasons why you should appoint an executor to your Will. These are as mentioned below:

• Saving Time and Money for Beneficiaries: When you appoint an executor on your Will, your family members do not need to complete the court proceedings and visit the Department of Law from time to time. As a result, your small act of making a Will and appointing an executor can save your family’s time and effort significantly.
• Reducing the Chances of Legal Challenges: There will be a chance of family dispute regarding the distribution of your property if you do not appoint anyone as the executor of the Will. You can avoid those disputes by appointing an executor who will stay neutral during the distribution of your property.
• Proper Handling of the Properties: You can ensure proper and timely execution of your Will with the help of an Executor. They can distribute your properties and wealth in the way you mention on the testamentary record.

The person appointed as an executor needs to fulfil certain criteria or qualifications, as mentioned below:

• Executors should be 18 years old and should have sound mental conditions.
• They can be beneficiaries of the Will or any other third person.
• If the appointed executor does not agree to meet his liabilities, there is also a provision for appointing substitute executors.
• To be an executor, individuals should agree that they will be held responsible for any mistakes they commit during the execution of the Will.

Choosing the right person is your personal decision. Still, it is better to make your family members aware of your selection beforehand. Nevertheless, it can be challenging to determine the right person you can appoint as an executor.

So, you should know traits that you should look for within an individual before choosing them as the executor of your Will. The executor should be:

• Trustworthy
• Known to you for a significant period
• Responsible
• Not older than you
• Emotionally stable
• Organised
• Ethical
• Sound mental condition

Appointing someone trusted as your executor can help ensure that your property's distribution will be according to your intention. You should ideally choose someone responsible and trustworthy.