Duties of an Executor of a Will

An executor is the person selected in a will to settle that person’s estate. Essentially, this individual is in charge of the estate. This comes with several responsibilities, including: paying that person’s bills or taxes, overseeing the process of locating and protecting the person’s assets, and carrying out his or her expressly written wishes. Other common terms for this person, depending on the document signed, include administrator or fiduciary.

Responsibilities

The first step for an executor is to locate will and all of the assets owned by the deceased person. The will must then but submitted to probate court, with an attorney’s assistance, for authentication. Once this validation process is complete, the court will present the officially appointed executor with the letters testamentary. These documents provide the legal authority to act in the estate’s name.

• As an executor, protecting the assets of the will’s creator is of the utmost importance. Therefore, he or she should not distribute assets to any beneficiaries before the probate process is complete.
• The executor must also keep a record of all of the expenses and income that the estate receives and issues during the probation period.
• Multiple certified copies of the death certificate may be needed to transfer title various assets. This is also the responsibility of the executor.
• Any institutions that dealt financially with the deceased person must be notified by the executor. These can include insurance companies, banks and brokerage firms, among others. If the deceased individual had a joint account at another institution, they must also be notified.
• If there are any unpaid bills, the executor must pay them from a special checking account he or she sets up in the estate’s name.
• The executor is also given authority of the deceased person’s bank accounts. With this comes the responsibility of making sure that beneficiaries are given the amount of assets that are detailed in the will.
• If the deceased person has a safety deposit box, it is the executor duty to take inventory of its contents.

The executor should also look for the deceased individuals past three years of state and federal income tax returns. This is important because he or she can be audited up to three years after his or her death. If there are any owed taxes, the executor must pay them to the government.

Obtaining Legal Help

While an executor may think he or she is completely capable of taking care of the responsibilities that go with the role, it would be wise to consult legal counsel when appropriate. After the will has been located by the executor, a lawyer will prove useful when it comes to submitting the will to probate court. Probate can be a long process that, on average, can take from 7-9 months. Having an experienced lawyer can help expedite this process. A lawyer should also be brought in to double-check bank accounts before any are closed by the executor. This will help prevent poor decision making that could lead to serious legal ramifications.