Essential Executor Duties and Responsibilities
An executor or personal representative is the person who is responsible for carrying out the terms of a will and administering the estate of a deceased person. They are appointed by the probate court, which is a specialized court that handles matters related to wills, estates, and trusts.
What does an executor or personal representative do?
The duties of an executor or personal representative include:
- Locating and inventorying the assets of the estate: This includes all of the deceased person’s property, such as real estate, bank accounts, and investments.
- Appraising the assets of the estate: This is the process of determining the value of the deceased person’s assets.
- Paying off the debts of the estate: This includes any outstanding debts, such as credit card bills, medical bills, and funeral expenses.
- Filing tax returns for the deceased person: This includes both federal and state income tax returns.
- Defending any lawsuits against the estate: This includes any lawsuits that were filed against the deceased person before their death, as well as any lawsuits that are filed against the estate after the deceased person’s death.
- Distributing the assets of the estate to the beneficiaries: This is the final step of the probate process, and it involves distributing the deceased person’s assets to the beneficiaries named in the will.
The executor or personal representative is also responsible for ensuring that the estate is administered in accordance with the terms of the will and the law. This may include obtaining court approval for certain actions, such as selling real estate or making distributions to beneficiaries.
If you are named as the executor of an estate, it is important to understand your duties and responsibilities. You may want to consult with an attorney to help you carry out your duties.
This information is for general guidance only and should not be considered legal advice. Contact us today to discuss your specific situation.