What is a Professional Executor and what do they do?

A professional executor is a legal representative who is responsible for handling all aspects of an estate. Their duties include identifying and inventorying assets, paying debts, filing and paying taxes, and distributing the remaining assets to beneficiaries in accordance with the Will.

 

Professional executors may also be helpful in mediating disputes between heirs.

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Professional executors may be hired for their expertise in managing estates, or because the family does not have a suitable candidate to serve as the executor. While family members may be emotionally invested in the estate, a professional executor can provide unbiased solutions to conflicts that may arise during the process.

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Executor fees can be based on a percentage of the estate’s value or may be based on time expended by the professionals involved. The fees vary and are required to be approved by Court.

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Hiring a professional executor empowers someone outside the family to make decisions regarding the estate, including selling assets to pay debts and hiring lawyers, accountants, and other professionals.