what does it mean to be an excutor of a will in georgia

If yous've been asked to serve as the executor of someone's will, you should feel honored. Information technology shows the person has a lot of faith in your integrity, as well every bit in your ability and organizational skills to deport out his or her last wishes.

But just because you've been offered the function doesn't hateful y'all should automatically have it. Agreeing to accept this on is hardly the same as offering to drive your neighbor to a doctor's engagement or watering their plants while they're away.

Fulfilling your legal duty as an executor could take weeks, months or, yes, even years to unwind, depending on the complexity.

So, one time the flattery of being asked to be an executor wears off, have some time to do a little research and then y'all can make an informed decision as to whether you should accept this important assignment.

Here are some bug to consider:

What does an executor practise?

The master role of an executor also called a personal representative, is to settle the estate of a person who has died. The executor must pay off all debts and taxes the deceased owed and so make sure that what remains ends up in the rightful hands of those designated in the will.

It seems straightforward, right? But it can get complicated if the will is no longer electric current, the assets of the deceased are hard to locate, or the will is contested.

Telephone calls, visits to courthouses, unearthing financial statements and sending out registered letters are just some of the unglamorous tasks that executors can expect to perform. In essence, you lot could exist sorting through decades of someone's fiscal life and acting as the estate's legal representative.

Being an executor is a lot easier, of course, if the deceased'south diplomacy are in skilful gild and you know where to locate all the documents you need, such as bank accounts, titles, insurance policies and so forth. Information technology can take significantly longer if you must hunt these things downwardly.

Though many people perform the part of an executor, even if they are non a lawyer or take no legal background, yous might find that the manor y'all're dealing with is so complicated that y'all might want to consult with a professional.

Along those lines, before agreeing to serve every bit an executor, possibly you and the person asking y'all to take on the role could meet with an attorney who tin signal out potential pitfalls or other problems that may have not been properly addressed by the will or manor. A will written several years ago, for example, may no longer reflect the current intentions of the person asking you to be the executor. An outdated volition that shows conflicts could be more than easily contested.

It starts with the volition

A will is like a route map for executors, and knowing what it contains tin assist you profoundly with your work. Pore over it, folio by folio, with the person who wants you to take on the role. This proactive approach will assist you understand the deceased's intentions nearly a whole range of concerns, such as the desired distribution of fiscal assets or the care of their pets. Make sure y'all know where the will is kept and how y'all tin access information technology chop-chop.

Ideally, the certificate has named the individual to serve as executor. Upon the decedent's death, the executor must file a petition with the probate canton where the decedent resided. The original will, forth with a fee, must be submitted to the court with the petition. The court reviews the will to ensure its validity earlier granting its formal appointment.

Nonetheless, if all the person'south assets are held in a trust or accounts have been jointly titled with some other person, it might be possible to skip probate.

Distribute the inheritance

After debts and taxes are paid from the estate, the executor can brainstorm the job of distributing assets to the people named every bit beneficiaries in the volition. If the will calls for any real estate holdings to exist sold, it'due south the executor'south job to maintain the habitation and continue to make mortgage, utility and insurance payments until it's sold off.

Executor compensation

Many executors perform their duties without compensation, especially if they are one of the estate's beneficiaries. Simply executors can get paid for their work, and this arrangement is more than common if the executor is a person outside the family or if settling the estate requires significant expenses such every bit travel or filing court documents.

The executor's fee is typically a small percentage of the estate'southward value, effectually ii to iv per centum, though the amount varies past state. If the manor is unusually big, the pct might be less. On the other hand, if at that place are extraordinary circumstances, such equally overseeing the sale of the decedent's existent estate, litigation costs defending the estate, tax disputes, and then forth, the executor might be paid more.

Another selection is for the person writing their will to limit the fees to a specific dollar amount. Or the person may specify the payment of reasonable fees based upon state law.

Typically, executors tin expect to get paid once the estate is settled. If they incur out-of-pocket expenses, such every bit utilities, property taxes, insurance, storage fees, etc., earlier the estate is settled, they tin normally reimburse themselves during the course of their estate administration. Only again, compensation is a subject that should exist clearly spelled out earlier accepting an executorship. Spending down whatsoever estate monies can be an area of smashing sensitivity, especially if heirs believe their inheritance was reduced because of your executorship.

Watch out for family strife

The flow after the death of a loved i, peculiarly if information technology'due south unexpected, can be emotionally charged. Seemingly innocent decisions virtually who gets mom's wedding ring or dad's gilded scout tin devolve into scorched-world family battles.

The potential for such a powder keg may be reason plenty to graciously turn down the consignment. If y'all're an executor outside the family, whatsoever you practise — even if it'due south the right thing — may exist viewed with suspicions by the family or other potential heirs. On the other manus, if you're an heir, others might suspect you of taking more than than your fair share of the estate given your access to it. Keep a paper trail of all the money you lot spend in settling the estate in case you're questioned.

That said, if you accept a good idea of what to expect and believe you tin take the incoming oestrus (perhaps that'due south exactly why you were selected for the role), then you should non exist deterred by looming family squabbles or protests.

Please note, yet, that executors have a legal responsibility to act equally a fiduciary. If they don't, they could be exposed to legal liability. If they are negligent in performing their duties, such every bit filing tax returns or allowing insurance policies to lapse, they could be held personally liable for the fiscal consequences. If you lot're worried most letting things autumn through the cracks, consider hiring a lawyer or accountant to aid keep yous abreast of all the tasks that could come your fashion.

Should yous serve as an executor?

The decision to serve as an manor's executor is a personal one. Information technology depends on whether you lot believe yous have the time, skillset and temperament to perform the duties well. Enquire the person who invited y'all to accept on this awesome responsibility to recapitulate why he or she believes you are the all-time person to fill this part.

Having them conspicuously land their motivation for your choice tin can serve equally reassurance that you are indeed the right person for the chore and also help you lot fend off possible challenges or complaints by those unhappy with the decision.

If yous are chosen to be an executor, consider it a groovy accolade. But at the same time, go on in mind that information technology is also a great responsibility.

We hope this article has given you some help with things to think virtually. Of course, every situation is dissimilar. This information is intended to be general and educational in nature, and should not be construed as financial or legal advice.

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Source: https://www.aag.com/articles/finance/executor-of-will/