When someone passes away, their assets and liabilities must be managed and distributed according to their wishes. The person responsible for ensuring this occurs is called the executor. Being an executor can be a challenging and time-consuming role, so it’s important to understand the duties and responsibilities involved.
1. Locate the will: The first duty of an executor is to find and secure the deceased’s will.
2. Notify beneficiaries: Once you have found the will, notify all named beneficiaries.
3. Arrange funeral services: It is also necessary to make arrangements for funeral services or cremation in accordance with the deceased’s wishes.
4. Manage assets: An executor has a responsibility to manage any property or financial assets until they are distributed according to the terms of the will.
5. Pay debts: Any outstanding debts owed by the deceased should be identified, verified, and paid out of estate funds before distribution to beneficiaries.
6. File tax returns: Executors need to file final income tax returns on behalf of the deceased as well as file estate tax returns if required by law.
7. Distribute assets: After all debts have been paid, remaining funds should be distributed among beneficiaries according to instructions in the will.
8. Keep records: An accurate record of all expenses incurred during administration must be maintained throughout probate proceedings
9. Attend court hearings: Executors may need attend court hearings related to probate administration if required by law
10. Communicate with stakeholders : Communication with family members as well as legal representatives and other interested parties like accountants or attorneys is essential for successful estate administration
11.Manage real property – If there are real properties listed under Estate then selling them , managing them etc lies under Executor’s duties
12.Notify Banks & Insurances companies – Notifying banks where decedent had accounts about death along with insurance companies starting from health insurance till car insurances lie under Executor’s Duties .
13.Renounce probate if needed – If Executor does not want to accept the role or can’t fulfill the duties then they need to renounce probate in court
14.Maintain Confidentiality – It’s vital for Executor to maintain confidentiality of estate affairs and should not disclose any information unless it’s necessary
15. Wrap up the Estate – Once all duties and responsibilities have been fulfilled ,Executor needs to file a document with court stating that their job is completed and this brings closure to Probate process .