What Are the Duties of an Executor?

To ensure your wishes are carried out in accordance with your will, you should carefully consider who will be in charge of ensuring that your wishes are properly carried out. When making this decision, you will need to fully understand the duties of an executor.

There are many duties and responsibilities and some of the more important tasks required of the executor include:

  • Find the latest will and read it.
  • File a petition with the court to probate the will.
  • Find and safeguard business interests, the residence if left empty, valuables, personal property, important papers.
  • Inventory all assists and arrange for appraisal for those for which it is appropriate.
  • Determine liquidity needs. Assemble bookkeeping records and review investment portfolio. Sell appropriate assets.
  • Pay valid claims against the estate.
  • Assemble all of the decedent’s assets.
    • Locate the safe deposit box and take possession of the contents.
    • Consult with banks, savings and loans in the area to find all accounts of the deceased.
    • Check the home and office for cash and other valuables that may be hidden.
    • Transfer all securities to his/her name (as executor) and continue to collect dividends and interest on behalf of the heirs of the deceased.
    • Collect all life insurance proceeds payable to the estate.
    • Find, inventory and protect all real estate deeds, mortgages, leases and tax information.
    • Provide immediate management for rental properties.
    • If there are out-of-state properties, provide ancillary administration.
  • Taxes
    • File income tax returns for the descendent and the estate.
    • File Federal estate tax return and state death and/or inheritance tax returns.
  • Prepare statement of all receipts and disbursements.
  • Pay attorney fees and executor’s commissions.
  • Distribute specific bequests and the residue; obtain tax releases and receipts as directed by the court.

As you can see, the person you appoint to be your executor will need to be willing, able and competent to ensure that your wishes are responsibly carried out.

Quote of the Day from The Wisdom Compass
Love is the divine vitality that everywhere produces and restores life. ~Lydia Maria Child

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