KBID 618 Date Created: 10/1/2004 Date Modified: 6/6/2019
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An executor is the person responsible for settling a deceased person's estate.
As executor, your duties include inventorying, appraising and distributing assets; paying taxes; and settling debts owed by the deceased. You are legally obligated to act in the interests of the deceased, following the wishes expressed in his or her will. If all this sounds a bit overwhelming, keep in mind that you can hire professional help-for example, an attorney to help with the probate process or an accountant to file taxes. The following information provides an overview of the executor's role.
Being an executor can be a lot of work. You have to follow up on many details and may also be called upon to help defend the terms of the will against squabbling heirs or unwarranted claims by outside parties. You also need to be able to act quickly in order to preserve the value of the estate. For example, taxes must be filed in a timely manner to avoid penalties.
Because of the many responsibilities involved, it's wise to ask the person being named in a will if he or she is willing to serve as executor. If you've been named executor in someone's will but are unwilling or unable to serve, you need to file a declination, which is a document declining your designation as executor, with the court. The contingent executor named in the will then step in. If no contingent executor is named, the court will appoint one.
When you appear in probate court you'll need the original signed will and a certified copy of the death certificate. You should also be prepared to pay court costs, which are chargeable to the estate. The job of the probate court is to decide the validity of the will, generally a routine affair. However, this is also the time when parties may challenge or contest the will. A person who challenges a will, or part of a will, must file an objection with the court within a specified amount of time (check your state laws). Challenges to wills can be time-consuming and costly to the estate.
Once the will is determined to be valid by the probate court, you may begin to pay taxes and other claims against the estate and distribute assets to the beneficiaries. If the will is found to be invalid, you must proceed as though there was no will. An administrator will be appointed by the appropriate court to handle the estate. Creditors and taxes must be paid, after which the remainder of the estate, if any, is distributed in accordance with state law.
Your last step is to finalize the estate by filing papers with the probate court. This usually involves providing the court with copies of notices to concerned parties, tax returns and bills paid. The executor must also provide evidence of distribution of the remaining assets, such as signed receipts from the beneficiaries. When the court recognizes the completion of the probate process, you are released from further responsibility as executor.
Generally, an executor is entitled to be reimbursed from the proceeds of the estate for expenses incurred in settling the estate. For example, if you live in California and are named executor of an estate in New York, the estate is liable for your commuting costs.
Locate the will
Obtain a lawyer, if necessary
Apply to appear before the probate court
Notify beneficiaries named in the will
Arrange for publication of notice to creditors and mail a notice to each known creditor
Send notices of the person's death to the post office, utilities, banks and credit card companies
Inventory all assets and have them appraised, if necessary
Collect debts owed to the estate
Check with deceased's employer for unpaid salary, insurance and other employee benefits
File for Social Security, civil service or veteran benefits
File for life insurance and other benefits
File city, state and/or federal tax returns
File state death and federal estate tax returns
Pay valid claims against the estate
Distribute assets and obtain receipts from beneficiaries
File papers to finalize the estate
For your own protection, you should keep a copy of all records for at least two years. And don't hesitate to seek the guidance of a professional if you need help in settling the estate.