An executor or administrator is the individual responsible for administrating your estate once you pass away. If you have a will, the person in charge will be called the executor. If you don’t have a will, the court will appoint an administrator. Either individual will be responsible for administering your affairs once you pass in accordance with the will or in accordance with the law.
The affairs that the executor or administrator will handle after a person passes away include paying any outstanding bills or taxes that the estate has, as well as taking care of any houses or other properties in the interim period before the beneficiaries take over and the distribution of the assets that are in the will to the beneficiaries.
When you are named an executor, there is no obligation to remain in that position. In the event that you decline the position or you accept it and then decide to resign, someone else can be named the executor. Usually, the person who named you the executor also considered naming alternative executors just in case something happens to the original one, whether they decline the position or accept it and resign. It is a big responsibility to be the executor or administrator of someone’s will, so of course not everyone wants to accept that type of responsibility just in case something goes wrong.
If the will contains a large amount of financial aspects that the executor is not completely sure how to approach, it would be wise of them to seek the help of an accountant. If the executor has any other questions about the will, the estate or the beneficiaries, they should seek legal counsel with an experienced attorney.
Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.