Duties As An Executor

Duties As An Executor

As an executor of a will, you are required to be honest and impartial.  Your responsibilities will include reading the deceased person’s will and overseeing their estate to ensure that any debts and taxes are paid before making sure to distribute the remaining property to the beneficiaries legally entitled and pursuant to the deceased’s wishes.  The duties that are owed are considered fiduciary duties which is the highest duty the law can impose on one person to act in the interests of another.  An executor has many responsibilities all of which are subject to the scrutiny and jurisdiction of the probating Court.
As executor, you need to make initial determinations including what type of legal proceeding is required and who is entitled to notice.  In addition to notifying relatives of a certain degree, there may be notice requirements for government agencies such as Medicare, Social Security or the Post-Office.  You must then collect all the assets while managing any property of the Estate and you become responsible for the payment of the Estate’s debts and taxes for the final year of the decedent’s life. You must determine the rightful heirs, provide appropriate accountings, and ultimately distribute any property remaining after the payment of the Estate’s expenses. As executor, you will be responsible for attaining the necessary documents to properly administer the Estate.  You will need the last will, records of income, bank statements, schedules of assets and debts including medical bills, investment account statements, appraisals and deeds and titles to real estate and possibly personal property.
Category :
Share :

Our team of expert Attorneys and Brokers includes the most experienced, trusted and respected professionals in our community.  Our Consultations are always free and your best interest is always our only concern.

Keep Updated - Subscribe

Subscribe to our newsletter so we can touch you with offers and discounts.

© 2023 Grossman Real Estate.