What Are the Duties of an Executor?

What Are the Duties of an Executor?

 

Everyone has their own kind of property. As such, the duties of a deceased’s executor will vary. In general, however, executors are responsible for:

 

  1. Dealing with your remains
  2. Preserving, protecting and consolidating your assets
  3. Paying your creditors
  4. Distributing your assets in accordance with the terms of your Will

 

The following is not a comprehensive list of responsibilities, but it will give you something to start with. To learn more about their duties, executors should consult a lawyer.

 

1. Dealing with your Remains


  
Locate and read the Will.

   Make funeral arrangements, if necessary.

   Consult business associates and family members of the deceased to become familiar with his or her assets.

   Communicate with anyone who might have a legitimate interest in the estate.

   Consult a lawyer familiar with estate administration to provide advice on executor’s liability.

 

2. Preserving, Protecting and Consolidating Assets
 

    Take inventory of all assets, including cash, securities, jewelry, household goods and other valuables, real estate deeds, mortgages, insurance policies, documents and business interests.

    Ensure there is proper insurance on all real estate, automobiles and other property.

•  Ensure that all vacant real estate is maintained, secured and supervised.

    Arrange for valuing of household goods, art objects, collections, furniture, automobiles, jewelry and other personal effects.

    Review the particulars of insurance policies, pension plans and other work benefits, including amounts, benefits, terms, and beneficiaries.

 

3. Paying the Deceased’s Creditors

 

    Advertise for creditors in newspapers.

    Make sure all claims are valid and make payment.

    Pay any bank or private loans, mortgages and business liabilities.

    Review divorce judgments and separation agreements to determine any amounts owed for child or spousal support, or other such payments.

    Prepare income tax return for the portion of year up until date of death, and any unpaid period.

    Pay income and other taxes and obtain tax clearance.

    Keep beneficiaries informed of all payments.

 

4. Distributing Estate Assets

    Distribute assets according to terms of the Will.

Wills On Wheels Free Publication
Sign Up & Receive A Free Download 'Getting Ready To Meet Your Lawyer - 10 Top Things To Do'
Email:
Related Stories
Types Of Wills
Learn about the three types of wills and about Will Kits.... Read More
Naming an Executor
Believe it or not, you may not be the most important person in your Will. Learn about this important role and how you choose an executor.... Read More
Providing for Children
What does it mean to name someone as guardian for a child and who may be considered a "child".... Read More
Benefit of Pre-Planning a Funeral
Learn how to avoid family disputes with a good funeral and burial plan.... Read More
Special Bequests and Family Heirlooms
When you divide up your assets in your Will, sometimes it takes more than a calculator, learn how to handle special bequests and family heirlooms.... Read More
Where to Store A Will
Learn the about the importance of storing a Will in a place where your Executor will find it.... Read More
What Should I Do with the Family Cottage?
This can be one of the most prickly questions when planning a Will. Consider your options.... Read More
More Articles About Wills and Estates