While an estate executor and an estate administrator may have many of the same responsibilities, the way they are appointed to these roles can differ. Each term refers to a trusted individual appointed to oversee estate planning in Cary NC and how the deceased person’s property is distributed. Let’s take a look at an estate executor. Next blog post, we will talk more about an administrator.
Estate Executor | Estate Planning in Cary NC
If someone has a will, he or she probably named an estate executor to oversee how the estate will be settled. More than likely, it was the surviving spouse or another trusted family member or friend. The person does not have to have experience, but should have good judgement and be willing to act in the best interest of the deceased.
The person appointed is responsible for all aspects of distributing assets according to the terms of the will. If someone was appointed, and perhaps not made aware before the fact, he or she can decline to take the role. It can be a challenge and will require anywhere from a few months to a year to complete the associated tasks.
The estate executor must follow the instructions according to the will but also must follow state laws regarding the distribution of an estate. Any debts the deceased has will need to be paid using funds from the estate, or if there are none available, property or other assets can be sold to pay them. If federal or state taxes are owed, they will need to be filed and paid as well.
Remember, in our next blog post, we will talk more about an estate administrator. In some states, a bond must be posted as insurance against any mistakes or other issues that the administrator may cause. Executors do not usually have to post a bond if it is waived in the deceased’s will, or if they do, the estate pays for it.
Overall, the administrator and executor have a similar goal – to settle the deceased’s estate responsibly and according to the state’s laws. To find out the details of an administrator, visit back soon.
Estate Planning in Cary NC
If you don’t have an estate plan in place, or haven’t reviewed yours in several years, now might be the best time to start. Our attorney is here to help you with estate planning in Cary NC. Those hoping to get started planning can contact our office to set up an appointment. It’s better to be safe than sorry when it comes to an estate plan. Contact us to get started estate planning today.
As always, feel free to contact us with any questions or concerns you may have about any legal issues you might find yourself in. It's never too early to make plans for your wishes upon death. We are here to help you with all your legal matters, whether it be estate planning, small business, elder law, trademarking, copyrighting, or DWI issues.