When an individual creates an estate, they are planning for what happens to their assets after their death. So, who then controls the estate after they pass away? Executors are appointed to take care of an estate after the individual dies. This is a very important role, as they were trusted greatly to handle cherished assets during a difficult time. Executors have a big responsibility to ensure that everything is handled the way it should be. After the individual passes away, the executor begins their job in the estate administration process.
What Does an Executor do?
An executor is responsible for carrying out one’s final wishes after they die. They are in charge of an individual’s estate and ensuring that it is properly taken care of. This job comes with certain responsibilities. The executor must make sure the individual’s will in their estate plan is accepted by the court. Once this is done, they must take care of all the finances involved in the estate. If there are any outstanding payments and taxes that need to be paid off, the executor must ensure that they are all paid in full. Doing so may require them to meet with attorneys or accounts who can assist them in completing this task. Once this is done, all assets in the estate must be distributed to the designated beneficiaries. If anyone wishes to contest the will and its contents, the executor must resolve any issues surrounding that as well.
If an executor fails to complete the responsibilities that come with the job, it is possible for them to be removed from their position. This can happen if the executor acts irresponsibly, shows any signs of corruption, or is not making decisions in the best interest of the estate or the individual who created it. If this happens, a beneficiary of the will can file a motion to have the executor removed from the position. A judge will oversee this motion and decide if the executor should be removed from the position or not. If they are removed, the court may decide to replace them with a new executor to complete the remaining responsibilities of the estate plan.
Choosing an Executor
When you are developing an estate plan, it is important to appoint an executor to take care of the crucial necessities after you pass away. This will ensure that your wishes are carried out as you wanted them to be. It is important to understand the job before assigning someone. When choosing an executor, you should pick an individual with whom you trust to handle a trying and time-consuming process. They should be a person you trust greatly.
Are Executors Paid?
The state of California is one of many states that compensate executors for the time and work they put into handling an estate. This compensation is based on the probate code. This formula determines the value of the estate. The percentage given to the executor decreases as the value of the estate increases.
Contact our Firm
If you are looking to create an estate plan and wish to appoint an executor to your will, contact the Law Offices of Yacoba Ann Feldman today.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most.Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.