Many Missouri residents are very hands-on when it comes to creating their estate plans. Unfortunately, there’s no way for those residents to be as hands-on when it comes to carrying out those plans.
That’s why they appoint someone to be the executor of their estate. The executor’s sole responsibility is to follow through with everything aligned in the deceased’s estate plan, as well as handle any estate taxes or probate fees.
What are the exact responsibilities of an executor?
The executor will handle the administrative things, such as obtaining the death certificate and filing the will with the probate court. They will also be the ones to notify the government, any friends, family, or anyone else who needs to know.
They’ll also close accounts, pay any remaining debts and taxes, and facilitate the probate process. This means they’ll be in charge of distributing property and assets to the deceased’s beneficiaries, in accordance with what was set forth in the estate plan.
Who can act as an executor?
Executors can be the person’s spouse or adult children, or another family member. Sometimes executors can be close family friends as well.
There are also companies that can either aid the executor or act as the executor themselves. Someone with a larger estate might hire one of these companies to step in when the time comes.
Being an executor is a huge responsibility, and it might take months to years to settle an estate after someone dies. Missouri residents should absolutely have a discussion with the person that they choose to be executors before they’re actually needed to act in the role.
Even with a discussion, the person who was chosen to be executor still has the right to turn the job down. That’s why many people end up utilizing companies or using a probate court-appointed executor.