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When a person creates a Last Will and Testament, they are required to appoint a will executor or Will Administrator who acts to administer the person’s estate upon their death. Although many ask:
A will executor or Will Administrator is responsible for ensuring that all outstanding debts and taxes are paid to creditors/debts, and, all remaining assets are distributed according to the deceased person’s final wishes provided for in the Will.
As this position requires a high level of trust and accuracy, the will executor must act with great care and integrity when fulfilling the role. If you have been named as a will executor to an estate, it is vital to put the interests of the estate and any beneficiaries (persons who will receive any assets) of the estate above anything else.
It is important to mediate any conflicts which arise during this process, as the will executor cannot be biased and take the side of one beneficiary over another. The best way to avoid or minimize conflict is to maintain clear and regular communication with all beneficiaries about what is happening with the estate.
Where there is more than one will executor to the estate, you are required to consult with the other and agree on a proposed course of action before any steps can be made to administer the estate.
As a will executor, all liabilities of the estate must be accounted for and all assets must be properly managed and protected until they can be distributed to the respective beneficiary.
The process to become an Executor of a Will or Will Administrator may include:
It is critical to understand that any error in administering the estate (whether deliberate or accidental) may result in you being held personally responsible for any financial losses of the estate.
Therefore, the above-mentioned duties must be adhered to. If you require assistance with the administration of an estate, seek legal advice to ensure this process is properly performed.
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