What are the obligations of an estate executor?

What are the obligations of an estate executor?

On Behalf of | Mar 7, 2024 | Probate And Estate Administration |

An estate executor is an important part of the administration of a deceased person’s estate.

The executor is responsible for carrying out the wishes of the deceased person and ensuring that the distribution of the estate is according to the law.

Creating an inventory

An estate executor must locate and manage the deceased person’s assets. This includes gathering information about the assets, such as bank accounts, investments, real estate and personal property, to create an inventory. The executor must also determine the value of the assets, which may require appraisals or other professional assistance.

Paying debts

The executor is also responsible for paying the deceased person’s debts and taxes out of the estate. This includes notifying creditors of the death and filing the necessary tax returns. The executor must also ensure the coverage of all expenses related to the administration of the estate, including any legal fees or administrative costs.

Distributing assets

Additionally, the executor is responsible for distributing the assets of the estate to the beneficiaries named in the will. They must identify the beneficiaries and determine their entitlements. The executor must also keep accurate records of all transactions related to the estate and provide an accounting of these transactions to the beneficiaries.

Executors play an important role in carrying out the wishes of the deceased person. This is a significant responsibility that requires careful attention to detail and adherence to legal requirements. By understanding the responsibilities and duties of an estate executor, individuals can make informed decisions about serving in this important role.