Your estate planning attorney has informed you that you will need an executor of your estate. This individual will have a good deal of power over your property, assets, and other estate items, which means it is not a decision you should make lightly. In order to select the right executor, it is important to understand the associated duties and how they will impact your estate.
Property
Your executor will be in charge of any and all property associated with your estate. This can include your home, rental properties, or even land. He or she can exercise that property, refinance it, alter insurance coverage, or even change the locks on the property if required.
Assets
Any and all assets listed during estate planning are under the control of the executor. These can include stocks, options, bonds, retirement accounts, cars, and collectibles. Your executor will follow the details set forth during estate planning, which can include distribution, selling the items, or using the items to pay off creditors.
Funeral Arrangements
The executor will also be in charge of your funeral arrangements. During your estate planning your attorney will instruct you to make a detailed list regarding your funeral, and the executor will be in charge of carrying out those wishes. He or she will also be in charge of paying the funeral director either with personal funds or funds specifically left aside for the funeral.
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