What is an executor?

An executor is someone who is named by a person who has created a will and is responsible for carrying out the terms of the will when that person passes away. In Minnesota, an executor is an individual who is appointed by the court to manage the estate of a deceased person. The executor’s job is to make sure the person’s wishes, as outlined in their will, are carried out. They are responsible for locating the will, inventorying the deceased person’s assets, relaying instructions from the will to the beneficiaries, and taking care of any debts the deceased person may have left behind. The executor also has to file a death certificate and pay all taxes that are owed on the estate. They are then responsible for distributing the assets as stipulated in the will to the named beneficiaries. When the process is finished and all necessary tasks have been completed, the executor will submit a final accounting of the estate to the court. This accounting shows all the expenses the executor incurred while carrying out the decedent’s wishes. Executors are held to a high standard when carrying out their duties. They must act in the best interest of the estate and its beneficiaries at all times, and they must remain impartial throughout the process. They are also legally liable for any mistakes they make.

Related FAQs

What is a trust distribution?
What is a trust fund?
What is a trustee?
What are the trusts for an estate plan?
What is estate tax?
What is a trust account?
What are the requirements for creating a trust?
What are the benefits of establishing a trust?
How do I probate an estate?
How do I choose a trustee for my trust?

What is an executor?

Related FAQs

Related Blog Posts