What is the role of an executor?

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What is the role of an executor?

When a person creates his or her estate plan, they will appoint a trusted representative that will carry out their wishes for after they pass away. An executor will carry out the probate process until the estate can be considered closed. You don’t necessarily have to appoint a family member to act as the executor of your estate but you should make sure that this person is a trusted friend or advisor who you know will respect your last wishes.

When the decedent passes away, it is your turn to step up as the executor and fulfill your responsibilities in settling the estate. You will be required to determine what all of the assets that the decedent left behind and assign a value to each of them. It is important that you open an estate checking account and that you make sure any estate debts and expenses are paid off. Some of these expenses may include those related to the funeral, costs of appraisals, attorneys fees, etc. You should prepare tax returns and any final income tax that need to be handled. After all of the expenses have been paid and tax returns have been filed, the executor can finally work on distributing the assets to all of the beneficiaries.

As the role of an executor is a large responsibility, the executor may be entitled to compensation. For estates that are worth up to $100,000, you may collect up to 5 percent. For example, if the estate is worth 50,000, the executor may be able to collect 5-percent of the estate, or $2,500. Anything between $100,000-200,000 results in 4 percent, $200,000-700,000 is 3-percent, and anything over $5 million is 2-percent.

If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today. 

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I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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