Being chosen as an executor for someone's will comes with honor and responsibility. You will distribute a deceased person's property. You will also arrange payment of estate debt and sort out other finances. With great responsibility, you should do it correctly. Every location set different rules or laws about the requirements. However, most people choose someone close to the family. Duties of an executor includes:
The executor must receive the will and then file it with the local court. Their duties include finding, reading, and also understanding the will. They should also execute the requests found on the deceased's will. Some of the reasons why this person picked the executor includes reading the will thoroughly. Also making sure everything goes according to their wishes as well.
Inform the banks, credit card companies, and also government agencies about the death of the person. If not already notified, the Social Security Administration should know as well. Make sure you take care of all government ties with the deceased.
You may need to set up bank accounts for incoming and outgoing funds to settle any bills of the deceased. Having a bank account to make these transactions will help. You must look for mortgages, utilities, and any other bills that may need to get paid. This bank account can help repay any other existing debts.
The executor must file an inventory listing the estate's assets with your local court. They must also list out all of their valuables and who they will go to. Sometimes it may be required to list out the value of each item as well. You should protect this estate until the day of distribution.
The executor must then decide the necessary probate. Keep in mind that it may not be necessary at all. Inheritance laws may interfere with certain properties without probate. It depends on various factors, including the value of the estate.
The executor must also maintain the deceased's property until it can be sold or distributed to heirs. The executor must also find all personal property and protect it until it's time for distribution.
Debts and Taxes
Executors must notify creditors, file a final income tax return for the current year, and possibly pay off federal estate taxes. Any other debts not stated in the will need to be paid off as well. The executor must find out whether or not the deceased has any other fees or debts. This helps to know which needs to be paid off and settle them on behalf of that individual.
Distribution will occur according to the wishes of the deceased. You should express this in detail in the will. The executor responsibility also includes disposing any property left over.
Representation in Court
An executor must appear in court on behalf of the estate, if necessary.