What Is an Executor of a Will Allowed (and Not Allowed) to Do?
It’s easy to assume that the executor of a will has all the power. When you hear the term “executor,” that makes sense, right? However, when it comes to something as important as someone’s last will and testament, there are plenty of things the executor of a will cannot do. Much like the United States government branches, there are checks and balances in place to make sure a will is carried out as planned.
Keep reading for more information on what the executor of a will can and cannot do.
The Duties of the Executor of a Will
The term “executor” means someone who is responsible for executing a task, or in this case, a will. The duties they have and the things they are allowed to do are all centered around this idea. Even with their limits, the executor of a will has a lot of responsibilities! It’s no small task and shouldn’t be appointed casually.
Some of the primary duties of an executor of a will include:
Locating and managing the assets of the estate
Notifying banks and government agencies of the death of the testator
Locating heirs to the estate and keeping them updated
Supervising the distribution of assets
While these are the primary duties, there are several other things the executor must take care of when executing a will. For example, managing the assets of the estate can mean paying utility bills, selling property, terminating or continuing lease agreements, paying income tax owed on assets, and more.
Drafting a will is about a lot more than just who gets what when you pass—you want to make sure that your wishes are carried out exactly as you want them, leaving no room for error or for someone to take advantage of your passing.
The Limits of the Executor of a Will
While the executor has to handle a lot, there are strict rules in place to prevent an executor from taking advantage of their position.
For starters, the executor of a will cannot take any sort of action as executor before the testator has passed or before they’ve been legally appointed by the court.
The executor also cannot handle the estate in any way that differs from the will. That means they can’t distribute assets differently, add or remove beneficiaries, etc. This is one of the many reasons it’s so important to draft an official and thorough will.
The executor of a will also isn’t allowed to mingle estate funds with their personal funds. They must keep separate and detailed records of estate income and expenses.
Ready to Secure Your Legacy?
If you have any preference whatsoever about where your assets go when you’re gone, it’s time to start investing in estate planning. Instead of the government deciding who gets what, you can manage your estate exactly how you want to–and rest easy knowing that your legacy is secure.
Kristin Waters Sullivan is a Birmingham native who cares about her community. She’ll walk you through every step and make sure you have a will that no one can take advantage of. Get in touch with our office today to set up a consultation.