Executor & Executrix Limitations With Wills
- The primary duties of an executor are to gather the estate's assets, publish a notice of death, pay off creditors and funeral expenses, keep detailed records, and file appropriate taxes and forms with the courts and beneficiaries. The executor is also charged with disbursing the balance of the estate in the manner that the deceased desired. Once the appointment is accepted, the executor must act with the utmost honesty. Not only is the executor accountable to the court, but he is also accountable to the beneficiaries for his actions and he must keep them and the courts informed about gathering and distributing assets. If he is negligent, the beneficiaries may demand that he be removed.
- An executor is an officer of the court, but he does not have to be an attorney. A minor cannot be an executor; executors must be at least 18 years old and a resident of the same state as the testator. The person chosen must also be mentally competent, and in many states, without a criminal record.
- The testator has complete control of his will. He can update or revoke it any time. In preparing the will, the testator can limit the executor's power. He can assign several people specific duties regarding his assets. This action may limit the executor's powers. Assets can be assigned different people to handle and may include life insurance policies, real estate, bank accounts, art works, lock boxes, stocks, personal goods, and so on. If the executor moves out of state, he may have to relinquish the position.
- The appointment may be limited in several ways. The appointment may last for a specific time period. A new executor might be appointed if some event takes place; for example, when one of the testator's beneficiaries reaches a designated age. As in all matters, the testator's wishes should be carried out.
- Each state has its own procedural variations. Check with the local bar association for appropriate forms, responsibilities, term limitations, and liabilities.