The subject of how to become executor of estate comes up quite frequently in our real estate circles. The following bullet points of information should provide some practical advice if you find yourself asking — or being asked — that question.
How to become executor of estate
- Every state has its own set of probate laws regarding who can qualify to serve as executor of estate. Age, criminal convictions and residency are factors that will often come into play here. An experienced estate attorney can provide professional guidance.
- The executor or administrator is officially appointed by the Surrogate’s Court located in the county where the deceased individual resided. When the deceased individual’s will is admitted to probate, the executor is appointed and is then allowed to administer the estate. Even though he or she is named executor in the will, the executor has no authority to act prior to the will being probated.
- If there is no will, or no executor named in the will, the court will appoint an administrator with all the powers of an executor.
- Also, if the individual appointed executor in the will cannot fulfill his or her duties for any reason, the court will appoint a new executor or administrator.
As a side note, it’s important to point out that the executor is taking on a tremendous amount of responsibility on behalf of the deceased individual, his or her beneficiaries and the court. Therefore, most states allow executors to be compensated for their role. Again, the amount of compensation allowed by law differs from state to state. And, any compensation received is considered taxable income.
The easiest way to become executor of estate is to be named in a will. If it’s a role you desire, it is best to speak with your relatives about that becoming a reality. For more information, please contact The Olear Team today!