WHAT IS AN EXECUTOR?

After a death, there are many different names for the person who handles the deceased's affairs.

Executor: The "executor" is one title for the person who takes over immediately after you pass away. The executor collects all of your assets, pays your outstanding bills and expenses, files tax returns and other legal documents for your estate and prepares your assets for distribution. When all of this is done, the executor makes sure that your estate goes to the beneficiaries named in your Will or Revocable Trust in the manner that you directed.

This job generally lasts 3 to 6 months. However, depending upon how a number of issues play out in your estate, it can take longer.

The person serving as executor may be different from the person who acted as your Power of Attorney during your lifetime or the people that you name as Guardian or Trustee of minor children after death.

The executor can have a number of titles. If you use a Will for your estate plan, this person will be called the Personal Representative. If you use a Revocable Trust, this person will be called the Trustee.

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