When it comes to seeing that an estate is distributed according to the deceased’s wishes, you may hear the terms estate executor and administrator. These are titles assigned to two different people who can be appointed to perform specific duties in carrying out a will. You may be wondering what the difference is between the two roles. Here, our estate lawyer in Cary takes a closer look to learn more.
Estate Executor and Administrator Differences | Estate Lawyer in Cary
An estate executor is the person named in the will to oversee the estate. He or she is in charge of wrapping up the deceased’s affairs and ensuring that their assets are distributed according to the will. The duties of an executor include gathering all of the assets and managing any property or businesses until they can be paid to the heirs.
Some of these responsibilities can include closing bank accounts, selling property, submitting claims on life insurance, and collecting income on properties, stocks and bonds. He or she will also have to notify Social Security and other government agencies that the deceased may have received benefits from. The person may also have to settle funeral arrangements and pay for the services if other arrangements were not made ahead of time.
An executor must also file and pay any taxes due and pay any debts with the estate. Once the financial affairs are settled, the remainder can be distributed to the heirs according to the will. Managing an estate can take several months up to several years, so it is important that a responsible individual is appointed as executor. He or she is considered a fiduciary, which means the person is given the highest degree of trust and responsibility that can be given by law.
The person named executor does not have to have a background in finance, or have experience in closing an estate, but he or she should be trustworthy and willing to take on the responsibilities so that the best interest of the estate as well as the deceased’s wishes are carried out.
There is more information that can help you better understand the differences in an administrator and executor. Our estate lawyer in Cary will offer more details in our follow-up blog post. Be sure to visit back soon.
Estate Lawyer Cary
If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Cary is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.
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