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You need to appoint an executor of your estate when you create your will. In some states, the executor
is called a personal representative. The executor ensures that your estate is properly administered after your death. The
executor is entitled to a fee based on the value of your estate, although the percentage varies from state to state.
Depending on the complexity of your estate, your executor may want to hire a probate lawyer to complete the paperwork.
Your executor will need to:
Present the will to the appropriate
court.
Notify the people named as beneficiaries.
Notify Social Security, pension administrators, insurance
companies and financial institutions.
Assemble and arrange for appraisal of assets.
Compute the value
of the estate.
Claim any benefits payable to the estate.
Pay any outstanding bills, income taxes and
any inheritance or estate taxes due.
Distribute the property left by will to the heirs.
Because
the executor’s duties involve many time-consuming tasks, you should always get consent from the person you want to name.
Also select an alternative executor in case your first choice is unable to do the job when the time comes. The person you
choose as executor will need some financial knowledge, good record-keeping skills and sensitivity to the needs of your beneficiaries.
Choose your personal representative with care. Go to next
page: When do I need to revise my will?
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