What are some common use cases for executors in estate planning?

What are some common use cases for executors in estate planning?

Executors play a crucial role in managing an estate after someone passes away. Common use cases include settling debts, distributing assets, and ensuring that the deceased's wishes are honored.

Can you explain how an executor is chosen?

Certainly! An executor is typically named in the will by the deceased. It can be a family member, friend, or a professional like an attorney.

What responsibilities does an executor have?

An executor's responsibilities include gathering assets, paying debts and taxes, and distributing the remaining assets to beneficiaries.

What happens if there is no executor named?

If no executor is named, the court will appoint one, usually a close relative or a public administrator, to manage the estate.

How can an executor be compensated for their work?

Executors can be compensated through a fee outlined in the will or according to state laws, which often allow for a percentage of the estate's value.