When someone passes away, their last wishes are often carried out through a will. A real estate will can be a complex document, as it deals with valuable assets such as property and real estate. In this article, we will explore the role of the executor in executing a real estate will and what they can and cannot do.
An executor is a person who is appointed by the testator (the person who made the will) to carry out their last wishes. The executor is responsible for managing the deceased’s assets, paying debts, and distributing the estate to the beneficiaries as outlined in the will. In a real estate will, the executor is responsible for managing and distributing the real estate assets of the deceased.
The executor of a real estate will has the power to sell, transfer, or manage the real estate assets of the deceased. They can sell any real estate property that is not designated as a specific bequest to a named beneficiary. The executor can also manage the property until it is sold, which includes collecting rent, paying bills, and maintaining the property. If the real estate is designated as a specific bequest to a named beneficiary, the executor must transfer the property to the beneficiary as outlined in the will.
The executor cannot act beyond the scope of the will. For example, they cannot sell a property that is designated as a specific bequest to a named beneficiary. The executor also cannot use the real estate assets for their personal benefit, as they must act in the best interest of the estate and its beneficiaries. The executor must also follow all laws and regulations when executing the will, including taxes, zoning laws, and building codes.
Choosing the right executor is an important decision. The executor should be a responsible and trustworthy person who has the ability to manage the real estate assets and distribute them according to the will. The executor can be a family member, friend, or professional such as a lawyer or accountant. It is important to choose someone who you trust to carry out your last wishes and manage your assets with care.
In conclusion, an executor of a real estate will has the power to sell, transfer, or manage the real estate assets of the deceased. They must act within the scope of the will and in the best interest of the estate and its beneficiaries. Choosing the right executor is an important decision, as they will be responsible for carrying out your last wishes and managing your assets.