When Nevada residents are creating their will, one of the most important decisions that they will have to make is who to name as the executor. The executor is the person or entity that is responsible for gathering all of the assets and distributing them to the beneficiaries correctly. Executors are also responsible for paying any debts that the decedent’s estate has acquired, handling tax matters and appraising the value of estate assets when necessary.
An executor is often a close friend or family member of the decedent who the decedent trusts to handle the important tasks that are assigned to them. A trust company or bank may also be named as the executor or be assigned to work with an individual as the co-executor. The job duties of an executor could take months or years, and working hours are always paid for with estate assets.
The amount of time it takes for an estate to be settled will depend on how complicated the matters are. In some cases, an executor will have to make decisions about which assets to sell in order to raise money to pay off debts. If an executor commits any waste, the beneficiaries could hold them liable for mismanaging the assets in the estate.
Choosing an executor under a will is a key part of the estate planning process. Those who are preparing their wills may want to consult an attorney before making such an important decision. An attorney may be able to help a client to understand how complicated their estate is and determine how much an executor’s duties are likely to cost.