An executor is the appointed person responsible for executing (carrying out) a will. It is a great responsibility that should be handled with honesty and integrity. When there is no will to appoint an executor, an administrator (of an estate) is assigned by probate court.
While there are many responsibilities expected of the executor, the three main responsibilities are:
- Organizing and managing the deceased person's assets
- Pay off any debts and taxes owed
- Oversee the disbursement of assets as written in the will
In many cases, executors must make the decision on whether or not it's necessary to sell real property. Renting out a property can be a lucrative option but co-managing property with family members should not be entered into lightly. I have seen it get ugly. Multiple times a year I get calls from a homeowners that wants to sell a property they co-own with a sibling. I end up being a mediator during the sale, as most are no longer on speaking terms. This is why I recommend considering selling before an important relationship is tarnished.