What Is the Role of an Executor in Estate Planning in Arizona?

Executors play an incredibly important role in the estate planning process. They are a huge part of bringing peace and clarity to families when a loved one dies. Despite this, the average person knows very little about executors and the purpose they serve or what responsibilities accompany the title. Considering the significant part an executor plays in the estate planning process, it is of the utmost importance to know: what is the role of an executor in estate planning in Arizona?

What Is Estate Planning?

Estate planning occurs when you put a plan in place for the distribution of your estate in the event of your death. This means logging all of your properties and assets, both tangible and non-tangible, and assigning them to beneficiaries.

It helps prepare you and your loved ones for your passing, leading to a less complex process. The more thorough it is, the more everyone else benefits, so having a well-planned will is the first step toward making the process as easy as possible.

What Is an Executor, and What Is Their Role in the Estate Planning Process?

When a person drafts a will, they choose someone to fill the role of executor of the estate. This individual will be in charge of the estate distribution process. As an executor, it is your responsibility to execute the final desires of the decedent as laid out in the will. This may include the following:

• Validating the will: This involves filing the will with your local probate court on behalf of the deceased’s estate.
• Accounting for and gathering all of the assets and properties: This includes the tangible assets, such as vehicles, land, and houses, as well as the less-tangible ones, like bank accounts, stocks and bonds, and life insurance.
• Paying any outstanding debts or taxes: Before the executor can distribute assets to any beneficiaries, they must first settle any unpaid debts on the estate. Creditors must be notified of the decedent’s passing, providing them an opportunity to collect on the estate.
• Distribute all assets and properties accordingly. After paying off outstanding debts, the executor will locate and inform all beneficiaries of their portion of the assets.

As an executor, it is your goal to make sure that everything and everyone mentioned in the will is accounted for, in addition to stabilizing the financial state of the estate. This can include opening an estate bank account and paying off outstanding taxes and debts.

As you carry out the instructions outlined in the will, you have a fiduciary duty to the estate, which means that you are to perform all of these various steps responsibly while avoiding any conflicts of interest. You should be unbiased every step of the way.

If you are finding this difficult, it is always a good idea to seek outside help. A local probate lawyer may be able to help you make impartial decisions and navigate the more emotional and confusing aspects of the estate settlement process.

Who Can Be an Executor?

In the state of Arizona, any Arizona resident over the age of 18 can be named executor. If you wish to have someone from out of state fill the role, Arizona allows a nonresident to serve as an executor without a special process. You may choose a professional, but people often pick a relative or close friend due to the sensitive nature of the situation.

Many people feel more comfortable entrusting their asset and property division to someone they know well, someone they are certain will carry out their final wishes as closely as possible. This is a big responsibility and should not be chosen lightly. It also may need to be changed if you have a falling out with the predicted executor or they pass prior to you.

FAQs

Can an Executor Also Be a Beneficiary?

Due to most people’s tendency to choose a close friend or family member to be their executor, it is common for the executor to also be a beneficiary. This is completely legal and very common. You will need to be careful, however, that the benefits of being a beneficiary do not compromise your role as the named executor. If you find yourself struggling to do this, hiring a probate lawyer may help you maintain impartiality.

How Long Does an Executor Have to Settle an Estate in Arizona?

While there is no legally enforced end date of the probate process in the state of Arizona, the process should begin within two years of the decedent’s passing, though starting sooner is preferred. After that, the executor may take as long as is needed to settle the estate. This timeline may differ due to the complexity and size of the estate, as well as how quickly outstanding debts can be paid and beneficiaries are located.

What Are the Disadvantages of Being an Executor?

Being an executor is both an honor and a big responsibility. The legal process can be overwhelming at times. If you have been named executor of a will, you may benefit from the assistance of a local probate lawyer. Their experience and direction can remove some of the administrative and emotional burden that comes with being an executor. They can also assist you with navigating tricky family dynamics and paperwork.

What Power Does an Executor Have Over a Will?

In the state of Arizona, the executor has the power to carry out the final desires of the deceased according to the will and the law. Executors cannot change the will after the owner of the will has passed. Instead, you must act on the will’s instructions. This includes collecting assets and distributing them according to the plan laid out in the will, locating beneficiaries, and managing the financial state of the estate.

Making Things as Easy as Possible:

Being an executor is an important role, but it can also be a confusing and overwhelming task. At CDM Law Firm, we understand the complexities of estate planning and probate. Contact us for a consultation, and take the first step toward better understanding the role of an executor today.