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Who is an executor? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A male person (the feminine form is executrix) who is designated in a will with carrying out the terms of the will, as well as, administrating the estate. Depending on the terms of the will and the applicable laws, the power to sell real property may rest with executor and/or the individual heirs. An executor is often tasked with the laborious, but necessary responsibility of accounting and preserving the estate’s assets; such undertaking could include several duties, such as: collecting data from the estate’s legal and accounting records, appointing the estate’s attorney and/or accountant, as well as, the denial approval and/or payment of the estate’s debts. When making a will, great care should be taken to selecting the proper executor. Some of the possible desirable traits of an executor could include: (1) mental strength to carry his duties at a time of mourning, (2) minimal competency in filling out tax forms and accounting reports, (3) high moral standards, and/or (4) command a certain level of trust and/or respect from the family members, some of whom maybe contemplating a legal action. Depending on jurisdiction, locality, and the specific facts, an executor may be compensated for his work.

 

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