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If a relative or friend asks you to serve as the executor of their estate or, more likely, you are choosing an executor for your estate make sure you know what is involved. In some cases serving as an executor could be quite involved and time-consuming, especially if the estate contains a number of assets and the estate plan is relatively complicated.
Say you agree to be an executor and the work involved turns out to be more than you expected what happens? You roll up your sleeves and dig in. An executor is legally required by law to follow a strict standard of care and behavior
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To help you understand the role of an executor, heres an overview of potential duties:
Inform others of the death, including family members, business partners, employers, and professionals like lawyers and accountants.
Terminate accounts, like credit cards, bank accounts, other loans, and possibly even utilities and other services no longer needed.
Probate the Will (if applicable). Typically this only requires the executor to ask a lawyer to handle the probate process. Once the Will has gone through probate, the executor can carry out his or her remaining estate administration duties.
Gather assets (sometimes called marshalling assets.) The goal is to locate all the assets owned by the deceased. Tracking down all assets can be incredibly time-consuming, especially if the deceased did not meticulously organize files and records.
Value assets. The valuation of assets is important for calculating any estate tax owed. Some assets will require an appraisal to determine their current value.
Manage or maintain assets, at least until those assets are sold or distributed. (For example, if the deceased bequeathed real estate, the executor must ensure the property is maintained until the distribution takes place.)
Determine debts.
File tax returns, like personal returns, tax returns for the estate, etc.
Pay off any debts. Debts are paid using funds owned by the estate. In some cases assets may need to be sold in order to raise funds to cover debts.
Distribute assets based on the provisions in the estate plan.
Sound like a lot of duties? It can be so think carefully before you agree to be an executor, and think carefully before you choose someone to serve as an executor for your estate. You may decide to become or appoint a co-executor, like a legal or financial professional, for example. Their expertise and experience could be invaluable.
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