Duties of a Will Executor

By Laura Myers

An executor is a person who has been appointed in a will to dispose of the testator’s property and to administer the estate after the testator's death. An executor is often a family member of the deceased, although an attorney or other trusted person is also a common choice. You will be responsible for a number of duties if you have been appointed to act as the executor of an estate.

An executor is a person who has been appointed in a will to dispose of the testator’s property and to administer the estate after the testator's death. An executor is often a family member of the deceased, although an attorney or other trusted person is also a common choice. You will be responsible for a number of duties if you have been appointed to act as the executor of an estate.

Know the Law and Understand the Will

As an executor you are governed by a number of laws. These include the common law which has been developed by the courts over time, as well as federal and state laws. These laws can vary from state to state, so it is essential that you become aware of the specific state laws that you must follow. You are also responsible for understanding the will.

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Funeral

A will usually specifies the testator's wishes concerning a funeral and disposition of the body. It is the executor's duty to make sure that these wishes are complied with, if possible, and that funeral expenses are paid by the estate. Family members and close friends of the deceased will typically assist with funeral arrangements.

Probate

One of your first duties as an executor is to initiate probate, the legal process that assures that the decedent’s wishes are carried out. The probate court issue letters testamentary to officially appoint the executor to administer the estate. The letters testamentary entitle the executor to perform all of the functions that are necessary in order to satisfy the terms of the will. Probate regulations vary from state to state, but generally include notifying beneficiaries, making an inventory, paying taxes and other debts, and distributing property in accordance with the decedent’s wishes. All states require the filing of certain documents.

Asset Management

The American Bar Association, or ABA, states that your duties include preparing a thorough inventory and appraisal of the estate's assets. According to the Estate Settlement website, you must keep proper records and accounts, and must also keep bank accounts and financial assets of the estate separate from any other accounts.

Debts

Another duty you have as an executor is to pay the debts, including taxes, left by the decedent at the time of death. The University of Virginia specifies that you should open a checking account for the estate in order to pay debts, and the ABA advises that your responsibilities in this regard include taking care to pay debts in a timely fashion in order to avoid financially harming the estate. You can be held personally responsible if money belonging to the estate is lost. You will most likely be required to place a notice to creditors in a newspaper and notify the decedent's known creditors in writing.

Beneficiaries and Bequests

After expenses, debts and taxes have been paid, you then have to distribute the testator’s property and assets in accordance with his wishes as expressed in the will. According to the ABA, gifts of property and cash are distributed first; once those bequests are completed, the balance or residue of the estate, if there is one, is dispersed. The ABA further explains that sometimes at least some of the residue goes into a trust account for the benefit of beneficiaries, and that in some states you will need court approval for final distribution of the residue.

Close the Estate

Your final duty as an executor is to close the estate. This is done after all debts and expenses, including taxes, are paid and all assets have been dispersed. Some states require that you file a petition for closing the estate, or prepare a closing statement and send a copy to all beneficiaries and creditors. The original closing statement, along with other necessary documents, is then filed in the court.

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Steps for an Executor of a Will

References

Related articles

Responsibilities of an Estate Executor in California

Probate is a court process that results in the distribution of the property of the deceased, known as the decedent, to the decedent’s beneficiaries and heirs. The decedent’s assets are collectively referred to as the estate. To handle the decedent’s assets and manage the distribution of the estate, the court appoints an executor, who is typically named in the decedent's will. In some states, including California, the executor is known as the personal representative. If there is no will, the court appoints an estate administrator to perform these duties. The executor is charged with a number of responsibilities with respect to the estate. Although the court supervises the executor, an executor who fails to perform these responsibilities reasonably can be sued for mismanagement.

Probate Account vs. Probate Inventory

During the probate process, the estate's personal representative, often called the executor, is required to complete multiple steps before inheritances can be distributed and the estate closed. Two of these steps are a probate inventory and a probate accounting. Though similar in some respects, the probate inventory and the probate accounting have distinct differences and purposes.

What Happens After You Are Appointed a Personal Representative in Probate?

It is both an honor and a responsibility to be named personal representative, or executor, in a loved one’s will. This designation means that the testator, or maker of the will, trusted you to manage her affairs after death. Personal representatives must interpret and carry out the deceased's wishes according to the will’s terms and comply with the laws of the state where the will is probated.

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