The legal definition of an executor is “the person or institution appointed by a testator to carry out the terms of the will.” To accomplish this, probate gives the executor certain authority to manage the affairs of the deceased. This includes using those funds in the best interest of the estate and in executing the wishes of the deceased.
The duties of the executor are wide and varied. In cases where the estate is large, it can be time-consuming and complex. This is why executors are allowed a certain amount of compensation for their service. That amount is up to 4% of the first $100,000 in estate value, 3% of the estate value for $200,000, 2% next 800k, 1% next 9 million, .5% next 15 million, and reasonable above 25 million.
Some people are appointed as an executor with little to no notice, which can make the job a bit more challenging. If you’ve been told by someone that they wish you to be their executor, that can be very helpful.
Then, of course, your duties include filing any outstanding tax forms, distributing assets to the beneficiaries, and closing out the estate. Along the way, there may be a myriad of surprises and challenges to be faced that an experienced attorney can help you with. For those in Sonoma County and throughout California, we invite you to contact the Law Offices of Charles D. Stark.
Mr. Stark has been a lawyer for over 40 years with a focus on estate planning, wills and trusts, and probate. He keeps his clients connected with their cases and is available to answer their questions. If you are or you anticipate becoming an executor of an estate, contact Charles D. Stark today. Get the professional advice and assistance you need from the start.