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The role of an executor in an estate plan

When Kentucky residents begin to prepare their estate plans, one of the things they must consider is who will be the executor of their estate. Many people might wonder if an executor is really necessary and what they should consider as they pick someone to fill this role.

FindLaw says that the executor usually takes care of the deceased's financial affairs. The executor pays the deceased's income taxes and sometimes makes insurance or mortgage payments as well. This person also pays the debts someone left behind, opens a bank account to hold the money from the estate and cancels credit cards. If the deceased received government benefits, the executor usually stops these payments.

It is also the executor's responsibility to make sure the deceased's assets are distributed to the heirs. The executor typically contacts these heirs and ensures each person receives the correct amount of money or the right piece of property. Some assets may not be mentioned in a will and the executor usually needs to distribute these according to Kentucky laws.

Because the executor of the will has many responsibilities, it is important to carefully consider who should hold this position. According to the American Association of Retired Persons, people should typically pick someone who will live long enough to perform these duties. It is also a good idea to consider naming a backup executor, as people may sometimes become disabled or estranged from the family and be unable to act as the executor. In some situations, people may want to consider naming two co-executors. This can be a good idea if people leave behind large estates and do not want only one person to make decisions about their finances and assets.

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