An Executor/Executrix is the person who oversees the distribution of your assets in accordance with your will. Most people choose their spouse, partner, an adult child, a relative, or a friend to fulfill this duty.
If no Executor/Executrix is named in a will, a Probate Judge will appoint one. Probate refers to the legal procedure for the orderly distribution of property in a person’s estate. The Executor/ Executrix files the will in probate court, where a Judge decides if the will is valid. If it is found to be valid, assets are distributed according to the will. If the will is found to be invalid, assets are distributed in accordance with state laws.
Responsibilities usually undertaken by an Executor/Executrix include:
— Paying valid creditors;
— Paying taxes;
— Notifying Social Security and other agencies and companies of your death;
— Canceling credit cards, magazine subscriptions, etc.; and
— Distributing assets according to the will.