The role of Executor

share of the assets.

It’s a common misconception that it is an attorney’s job to deliver the inheritance to a Will’s beneficiary. In reality, most Wills name an Executor - often the spouse or a trusted friend - who is then appointed by the probate court to oversee distributing the assets. If the decedent doesn’t have a Will, then the petitioner who opens the case will name an Executor. In this case, the petitioner is usually the Executor, or the county administrator appointed by the probate court.

An Executor must be organized and detail-oriented, as his or her job is to locate and collect the assets, and make sure all the debts and taxes associated with the estate have been paid. Sometimes, Executors may run into issues such as Medicaid or a mortgage company placing a claim on the estate. In this scenario, Medicaid and the mortgage company are “creditors and debtors,” whose claims must be resolved before the beneficiaries can receive their

Executors may also run into difficult or greedy beneficiaries who may try to invalidate the Will. Or the beneficiary may try to hire his or her own lawyer to petition for a larger share of the estate than what was originally given to him or her. In cases like these, the Executor also cannot distribute the estate until the lawsuit or opposing petition is closed. It’s only after there are no more complaints or objections that the Executor can go ahead and perform the rest of his or her duties. The Executor acts as a fiduciary and therefore is liable to all the beneficiaries and creditors if he or she does not perform his or her duties.

The probate process on average can take 1-2 years minimum and the average costs can range from 5% to 15% of the assets that have to be probated.

Of course, if you want to avoid the probate process entirely, it will be worth your time to consider setting up a trust with an estate planning attorney. By doing this, you can ensure that your friends and family will never have to go through the probate process, and that all your assets can be passed safely to the people you name, without contesting, and without conflict.

• How do Irrevocable Trusts work?

• Medicaid. What’s true and what’s not?

• How do I avoid losing everything to nursing home costs?

• How can my family avoid probate?