The Powers of Your Executor
Your will names the executor who will be in charge of administering your estate. Your executor is legally responsible for doing everything necessary to probate your estate. Chapter 7 covers who should serve as your executor, the duties of the executor, and considerations in choosing an executor. The only document that allows you to appoint an executor is your will.
If there are certain assets or property you definitely don't want sold or encumbered, you can place a limited restriction on your executor in relation to that piece of property.
Your will also defines the powers of your executor. You typically want to give your executor all of the powers to deal with your property that you would have had if you were still alive. You can't anticipate how long it will take to probate your estate. It is difficult to complete the probate process more quickly than six months and, because your executor can't close the estate until all claims have been resolved and all tax returns have been filed, it is quite common for an estate to be open for at least one year.
If you restrict the powers your executor has to buy, sell, mortgage, lend, or deal with the estate property, it may hurt your heirs. For example, if you placed a restriction on the executor that she cannot sell your property and your estate holds a particular stock, your executor will not be able to sell the stock even if its value begins to decline.
