What are the requirements of an executor?
What are the requirements of an executor? Min Austria Assistant at Ascent Law LLC There are many responsibilities associated with being an executor. These include notifying all creditors and government agencies of the decedent's death. The executor also needs to make sure all debts are paid and that all estate assets are paid for. This includes the estate bank account that holds the deceased person's paychecks and stock dividends. The estate bank account can be used to pay for ongoing expenses, such as mortgage payments and homeowner's insurance premiums. If the deceased left behind assets, the executor also needs to notify all creditors. Executors must be competent, organized, and detail-oriented. While an executor can hire a professional to do some of the work, it is best to be involved at every step of the process. There are laws governing compensation for executors in every state. These compensations can range from an hourly rate to a flat fee or a percentage of the est...