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.

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.

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.

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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

What Are the Steps to Probate a Will?

In most cases, unless an estate is very small, the probate process is court-supervised. The deceased’s debts have to be paid and his property has to be distributed to whoever he named in his will. Wills usually appoint an executor, the person who takes care of the details of the process according to court rules and deadlines.

The Duties of a Last Will or Trust Executor

An executor of a Last Will and Trust is an individual who is named in a will by the deceased to administer his estate after his death. If there is no will, an executor may be appointed by the probate court according to the laws of the state where the deceased resided. An executor of a Last Will or Trust owes a significant duty to the creator of the will or trust to carry out his wishes, as well as an obligation to properly allocate assets to the beneficiaries and payments to the creditors of the estate.

What Happens if an Executor Refuses to Probate?

An executor has a duty to act in the best interest of the estate, and refusing to probate an estate may be cause for the executor to be removed. State probate laws differ, but the Uniform Probate Code, approved by the National Conference of Commissioners On Uniform State Laws, provides a general framework for handling an executor refusing to move the probate process along. In addition to removal, an executor may be held personally liable for breaching his fiduciary duty to the probate estate.

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