Asked to be an executor? Know your duties before you agree

Being an executor involves managing a deceased person’s estate, settling liabilities and distributing assets. Here’s what the role entails and when you can renounce it.

A close friend has asked me to be the executor of his will. His children live abroad, and he says he trusts me more than anyone else to handle things. I want to help, but I am not sure what I would be signing up for. What does an executor actually do? And if I agree now, can I back out later?

—Name withheld on request

You have chosen the sensible approach of understanding your role as an executor before accepting the responsibility.

Under law, the deceased’s property vests in the executor, who acts as the legal representative of the estate. In practice, you have to locate the will and assets, pay funeral expenses, debts and taxes from the estate, and then transfer the assets to the legatees as the will directs.

You will also need to complete formalities such as obtaining a PAN card for the estate, opening an estate bank account and dealing with various authorities and institutions, depending on the nature of the assets. These could include land revenue authorities, housing societies and provident fund authorities. The entire process can last months and often years.