An executrix is a woman who is responsible for carrying out the provisions of a last testament. An executrix and executor have the same responsibilities.
Understanding the Executrix
Like any executor, the executrix is legally bound to fulfill the wishes of the decedent as stated in the will. The executrix is responsible for acting in the best interests and on behalf the deceased. Although many people give accountants and lawyers the responsibility of executing their wills, trusted family members may also be given this role. Executing a will requires that the person be at least 18 years old and not have any felony convictions.
The executrix ensures that all assets are properly accounted for and distributed among the beneficiaries. The executor is responsible for estimating the estate’s value using either the date of death or an alternative valuation date as per the Internal Revenue Code. Any and all financial assets, real estate, and deceased’s possessions are taken into account when assessing the estate’s value.
Also, the executor must ensure that all debts owed to the deceased are paid. This includes any outstanding credit card balances or taxes.
Executrix and Estate Planning
Because they are responsible for carrying out the wishes and duties of the deceased, executors are an integral part of estate planning.
Estate planning, in its broadest sense, is the process of determining how assets will be distributed and managed before death. Estate planning does not only cover the post-death period. It can also include the management of the assets and financial obligations for those who become incapacitated.
Drafting a will is the most important step in estate planning. This may include the creation of trust accounts to name beneficiaries or deploying strategies to reduce estate taxes. An additional benefit to making an annual donation to a qualified charity or non-profit organization is the possibility of lowering your taxable estate.
Planning for the future could include designating beneficiaries on life insurance policies, individual retirement funds, and 401(k).s. It is possible to include funeral arrangements in the estate planning process.