An executor manages the estate of someone who has died. The executor is the deceased’s personal representative, responsible for overseeing the deceased’s assets until they are distributed to the heirs and any debts or taxes are paid. Often a close relative of the deceased, the executor is usually named in the will, or designated by the court if there is no will. An executor does not need to be a financial or legal expert but must act with good faith and honesty on behalf of the estate.
If you’ve been named executor, you may be wondering how and where to begin. Here are answers from Legacy experts to some of the most common questions about how to administer an estate after a death.
- Estate Executor Basics
- Money Dos and Don’ts
- Legal and Financial Considerations
- Military Veterans
- Managing Emotions
It’s your choice whether to serve as executor or pass on the responsibility. Here are four questions to help you decide.
If you’re like many people, you’re not even sure what it means to be an executor. Read on to learn the basics.
Do these five things first and you’ll be off to a good start.
Here’s what not to do as executor of an estate.
Settling an estate typically takes about a year. But there are factors that can impact the timeline.
Yes, you can use the estate’s money to pay for the funeral. But there is an important caveat.
Assets should not be distributed until the very end. If you’re feeling the pressure from beneficiaries, share these reasons why.
Is an old clock a worthless relic or a valuable antique, and how will you know?
Six tips to help you smartly manage the estate’s money and maximize the proceeds heirs receive.
Here are five things you can do to make sure you’re not paying out of pocket for the estate’s expenses.
There are several types of expenses you may incur while settling an estate. Fortunately, many of these can be reimbursed.
Many states allow executors to be paid for their time and work. Whether you feel comfortable accepting money from a loved one’s estate is another matter.
As executor, you are legally bound to act in the best interest of the estate’s heirs. Here’s how to make sure you’re being fair to yourself and other beneficiaries.
Probate court is central to the legal process of settling an estate, so it’s helpful for an executor to have a basic understanding of how it works.
Unless you are experienced as an executor, you probably should hire an estate or probate attorney. Here’s how.
Financial planners can help you avoid costly mistakes that could land you — as an executor with a fiduciary duty — in legal trouble.
Here are six ways to minimize taxes legally as loved ones age and ultimately pass away.
Six types of taxes you may need to file on behalf of the deceased and/or their estate.
Unlike the federal estate tax, the beneficiary of the property or gift is responsible for paying the tax, not the estate.
This insurance policy will pay out to your children, spouse, partner, or whomever you designate as the beneficiary.
Answers to five common questions about handling life insurance as an estate executor.
If you want to make sure insurance proceeds are paid out, it’s best to be proactive.
You can honor a veteran’s military service and save the estate money at the same time.
It’s challenging to perform the duties of executor when you’re grieving the loss of someone close to you. Here are tips to make it easier on yourself.
Here are seven ways to make the stressful job of executing a loved one’s estate a little more manageable.
Four tips to prevent inheritance disagreements before they begin.
How to handle disagreements among family members.
Six approaches to help executors solve disputes quickly or avoid them altogether.
What to expect from an estate executor and how to identify if one is not acting appropriately.
Six ways an estate executor can strengthen family relationships.