Duties for an Executor for a Will Estate

By Barbara Diggs

The executor of a will is responsible for settling all matters relating to an estate after the testator's death. Because this job is highly time-consuming and carries great responsibility, select your executor with care. Discuss the role with your choice before officially naming him in your will, and make sure that he feels qualified to handle the task. You may also want to name an additional executor in your will in case your first choice is unable or unwilling to perform his duties.

Fiduciary Duty

The highest duty of an executor is a fiduciary one. This means that executor has a legal and ethical responsibility to act with honesty, impartiality and fairness with respect to the estate. An executor can in no way take advantage of her position, and must make decisions that reflect judgment as good as any “prudent individual.” An executor can be held personally liable for any breach of this duty.

Managing Financial Affairs

The executor must settle all financial matters relating to the estate. This includes determining creditors, paying bills and taxes, filing the final tax return, managing assets and securities portfolios, and making an inventory of the estate’s assets and liabilities. The deceased’s debts and expenses are paid for with the funds of the estate, which are drawn on a bank account that the executor must open in the name of the estate. The executor is usually entitled to invest, liquidate or sell assets to cover debts and expenses, if necessary. The executor may hire an accountant to aid him in settling these affairs.

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Settling Adminstrative Matters

The executor is responsible for all administrative tasks that arises upon the death of an individual. For example, the executor must notify the appropriate financial and governmental institutions of the death, cancel the decedent’s credit cards, club memberships and subscriptions, and arrange for probate of the will.

Handling Legal Matters

The executor becomes responsible for any legal actions for or against the estate, and may initiate an action on the behalf of the estate, if necessary. The executor has the power to hire an attorney on the estate’s behalf -- and expense -- in such matters.

Executing the Instructions in the Will

The executor is responsible for carrying out the final instructions described in the will. The executor must distribute the assets to the beneficiaries and attempt to locate any beneficiaries that cannot be readily found. She must also deliver any personal property items bequeathed and obtain receipts. Ultimately, the executor has to prepare and present a full accounting of the estate’s administration and present it to the beneficiaries.

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When to Notify the Executor of a Will
 

References

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What Are the Duties of an Executor of a Will in Missouri?

The law refers to a person who drafts a will as a testator. When a testator drafts a will, he typically designates a person as an executor, or personal representative. The Missouri Probate Code states what duties and powers an executor of a will has in administering a Missouri estate. The executor’s main duty is to administer the will’s instructions regarding the distribution of the testator's estate assets and resolve all claims against the estate.

Will and Probate Requirements in Kentucky

When a person dies in Kentucky, most of the property in his estate passes through the state's probate process. During probate, the executor -- the person named in the deceased's will to administer the estate -- collects the assets and dgtermines their value. The deceased's will must be authenticated before the property is distributed to the beneficiaries as instructed in the will. Certain assets, including property owned jointly, life insurance policies and any property in trust, can avoid probate and will pass automatically to the named beneficiaries.

Checklist for the Executor of a Will

Don’t become overwhelmed by the tasks involved in probating a will. You can often minimize the stress associated with performing your executor duties by staying organized and creating a checklist. Follow your checklist to confirm that you have performed each step of the probate process. However, in some cases it may be a good idea to retain a professional to assist you with your duties.

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