Executor’s Duties And Responsibilities

Being named the executor of a will is a significant honor and a major responsibility. It means a person has placed their trust in you to carry out their final wishes. While the title may seem simple, the job itself involves a number of important duties, often under the difficult circumstances of grieving a loved one. Understanding these responsibilities ahead of time can help you prepare for the role and perform it with confidence.

Initial Responsibilities

The moment a person passes away, the executor’s work begins. One of the first tasks is to locate the original will and any other important documents, such as a trust, burial instructions, or a list of assets. It’s a good idea to keep a few certified copies of the death certificate on hand, as you will need them to manage accounts and file claims. You will also need to notify key individuals and institutions about the death, including banks, government agencies, and the beneficiaries named in the will.

Managing The Estate’s Assets

The executor has a duty to identify, collect, and protect all assets belonging to the deceased person. This includes everything from real estate and vehicles to bank accounts, investments, and personal belongings. Often, an executor may need to create a detailed inventory and, in many cases, have the assets appraised to determine their value for tax purposes. Working with an estate administration lawyer can make this process easier, as they can even provide mediation.

Paying Debts And Taxes

Before any assets can be distributed to beneficiaries, the executor must settle the estate’s financial obligations. This includes paying the deceased person’s final bills, funeral expenses, and any outstanding debts, such as credit card balances or mortgages. You must also file the final income tax return for the deceased person and any required estate or inheritance tax returns.

Distributing The Assets

Once all debts, taxes, and expenses have been paid, the executor can distribute the remaining assets to the beneficiaries according to the will’s instructions. This is the final step in the process and must be done precisely as the will states. You should keep a careful record of all distributions. This may involve transferring titles for property or vehicles, re-registering investment accounts, and preparing a final accounting for the beneficiaries and the court. During this time, disputes between beneficiaries can occur, and you may want to work with an estate planning attorney to resolve these disputes.

The Importance Of Professional Support

Being an executor is a demanding job, and a mistake can lead to delays or even personal liability for you. The legal and financial details can be overwhelming. This is why many executors choose to hire legal and accounting professionals to help them. Attorneys like those at LifePlan Legal AZ can attest to how much stress can be relieved by having professional help. Working with a legal team can help with making sure the deceased person’s final wishes are carried out exactly as intended. Call an attorney today to discover your legal options!