What's an Executor?

One of the more important decisions you must make when writing your will is the selection of an executor. The executor's job is to "wrap up" your financial affairs upon your death. The person designated must first identify and determine the value of the assets that are part of your estate (trusts, life insurance policies, pension plans, and some types of jointly-owned property fall outside the executor's purview). This often requires hiring an appraiser, whose fee generally comes out of your estate's assets, as do expenses for lawyers, accountants, and other professionals. An executor is also generally responsible for paying all of your remaining debts, filing tax returns, and distributing whatever remains to your heirs.

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