Executor of a Will: The Job, the Pa...

Author: Wolfe Ossa LawCategories: Elder Law

If you’ve been named the Executor of someone’s Will, there are a few things you need to know. First, this might be a lot of work. Second, you get paid. And third, you don’t have to do this alone. See our page on Estate Administration for more details.

What does an Executor do?

As the Executor it’s your responsibility to collect and liquidate all of the decedent’s assets. That means finding all of the bank accounts, the investments, and selling all of the property. Next you need to figure out any and all debts to make sure those are paid. The Executor is also responsible for paying taxes: income, inheritance, and estate. Once all assets are collected and debts and taxes have been paid, whatever money is left over is distributed in accordance with the decedent’s Will.

If a Will is challenged, or an Estate is sued, the Executor is also responsible for handling the litigation.

Does an Executor get paid?

YES! Executors are entitled to a commission set out by statute. If you choose to take this commission it is considered to be taxable income.

How long does it take?

Technically, an Executor’s job is never officially finished. But once all of the money steps have been followed, the Estate is considered, “closed”. Depending on the size and complexity of an Estate, the job can span from a few months to a few years.

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