I’VE BEEN NAMED AS THE EXECUTOR FOR MY PARENTS. WHAT DOES THAT MEAN?
Every few years, your parents update their wills and trusts, and one year they ask you: “Will you be the executor of our estate?” While it’s flattering to be trusted with the responsibility, do you know what an executor actually does?
What Does an Executor Do?
An executor is a person who manages the assets of a deceased person, and has a fiduciary duty to act in the best interest of the estate. This includes settling unpaid bills, tax debts, and other debts. After all outstanding debts are settled, the executor then ensures that the remaining assets are distributed appropriately.
An executor does not need to have any expertise, but does have a fiduciary duty to the estate. This means that you must act with honesty, fairness, and diligence on behalf of the deceased. An executor of an estat...