Have you been asked to serve as an executor on an estate plan? Or perhaps you are trying to decide who should be the executor on your own estate plan. Below are a few things you should know about the responsibilities of an executor.
The executor is required to act in the estate’s best interests at all times. The executor of an estate gathers, manages, and secures all estate assets, including property. And as it relates to property, the executor can be responsible for selling, mortgaging, or leasing property included in the estate.
Property assets may also include income-producing properties like apartments or townhomes. So executors may have to deal with tenants.
In most cases, executors should obtain or continue paying for insurance on property assets. They also may hire others to keep properties clean and well-maintained. Failure to do so could cause the property to lose value.
And finally, an executor is required to pay taxes on properties as if the decedent were still alive.
Do you have any questions about the role of an executor, or how to go about naming one for your estate? Call our office today to set up a consultation.