Naming An Executor

An executor should be named in your will to see that its provisions are carried out. Select someone you can trust and who has both the time and the financial know-how, since he or she must oversee the probate process and will have many responsibilities, including the following:

• Prepare a complete inventory of all your assets.
• Collect any money owed to you.
• Pay your debts and expenses, as well as those of your estate, including funeral expenses, tax liabilities, and administration expenses.
• Notify life insurance companies of your death.
• Sell assets as necessary and invest others prudently to provide income during the time that the estate is being administered.
• Prepare and file all necessary tax returns for you and your estate.
• Distribute the estate to the people named in your will.
• Account for all receipts and disbursements of the estate.