- March 3, 2022
- Posted by: Angel Marín
- Category: March 2022
Have you ever wondered what will happen to your estate after you pass away? That is to say, what will happen to your assets when you are no longer alive? Who will be in charge of administering and distributing them to your loved ones or heirs? Who will legally represent you? Who will be responsible for carrying out your last will and testament? Who will settle your debts, if any, and fulfill your obligations? In this article, we’ll discuss who is responsible and why it’s important.
Article 2943 of the State of Guanajuato Civil Code defines an executor as the person responsible for carrying out the actions associated with the inheritance of a person who has passed away. The executor’s duties are listed in article 2944 of the same code and include everything related to administration of the estate’s assets; for example, presentation of the will (if there is one); securing assets; preparing an inventory; rendering of accounts; paying mortuary, hereditary, and testamentary bills; and dividing and adjudicating assets among heirs and beneficiaries. In addition, executors are responsible for legal representation of the deceased both inside and outside the courtroom, including issues associated with the validity of the will and representing the estate in any lawsuits that may be filed in the name of the deceased, as well as those filed against him or her.
Considering all these responsibilities, we can see that the executor of an estate is the person responsible for legally representing someone who has passed away, along with executing the deceased’s will and testament, taking all the necessary steps administering the assets that the deceased has left at the time of his/her death, payment of debts and obligations, and finally, distributing and awarding to the heirs the assets that by right may correspond to them.
That is why it is very important to appoint a good and trustworthy executor—one who has your complete confidence as well as that of your heirs—because the executor is responsible for fulfilling your last wishes and legally representing both you and your heirs concerning your inheritance. Finally, your executor is obligated to safeguard the rights of your heirs until each has received what you have left to them. In the next article we will tell you how to designate your executor and, in the event that you have not named an executor at the time of your death, who will designate one for you.