i want some info on the powers that an executor of a will has?

Question

does the executor have to obey all the wishes of the will writer
as it stands my brother is the executor when my parent dies
does he have free will to sell the property out from under the rest of the family , when the the will is written as 1 estate land and property . can he borrow money against the estate for his personal use . any help will be appreciated

Answer 1

The powers and duties of an executor are set forth in the state probate statutes. Also, the will may have some specific powers and duties bestowed on an executor. The executor cannot self deal such as borrowing against the estate. And, the executor must faithfully carry out the wishes expressed in the will.

Answer 2

The primary duties of the executor are to collect and preserve the assets of the estate, to pay all debts and taxes, and finally, to distribute the remainder of the estate as provided by the will. Court supervision of these duties will be minimal in the case of an "independent" executor. Normally, after the initial admission of the will to probate, the only further court action necessary will be obtaining court approval of an inventory of the estate. This inventory is prepared and filed with the court by the independent executor with his or her attorney's assistance. Certain other required documents, such as notices to creditors and closing letters from taxing authorities, will simply be filed with the court.

A bank account (and possibly a money market fund or savings account) should be opened by the independent executor. It should be opened in the independent executor's individual name "as independent executor" of the decedent's estate. The bank will request a taxpayer identification number. The attorney or accountant will file an application for this number. Death certificates will be needed for a number of matters (insurance policies, social security benefits, federal and state estate tax returns). These can be obtained from the funeral home or the Department of Vital Statistics.

As an estate executor you should research the laws of YOUR state or obtain the services of a local attorney to insure you obtain and execute the will properly!

Best wishes!

Answer 3

The Executor only has the power to execute the will just as it is written. He will need the signatures of all the heirs in order to sell anything. He can only borrow money on the part he will inherit.