When you are named as the executor of an estate, basically your duty is to take care of the deceased’s final business matters. The executor makes sure that all loose ends are tied up, and everything is in order. The executor is responsible for keeping the property and the assets of the deceased safe until all final business can be concluded. This may include paying taxes and settled debt, as well as ensuring that the assets are distributed to the beneficiaries of the estate.
It is very important that the person selected to be the executor of an estate be someone that is responsible and honest. This person will handle much or all of the financial aspects of the estate, so choosing someone that you can trust is essential. When choosing the executor of your estate, you do not have to worry so much if that person has any legal background or is good with accounts, but you will have to worry about the person’s ethics.
A few of the common duties that the executor of an estate must attend to include finding the deceased’s will as well as determining if that will must go through probate. In most cases a will does need to be probated. The executor will be responsible for filing any of the legal paperwork that is necessary, plus they must determine the beneficiaries of the will.
In addition to these duties, the executor of an estate must also take care of some of the more mundane tasks, such as notifying Medicaid and the Social Security Administration, canceling credit cards, etc. There are a number of small details that must be taken care of after someone passes, but these are details few people think about beforehand.
The executor will also need to set up bank accounts to hold the money associated with the deceased’s estate, and of course there is the necessity to file the person’s final income tax return. As you can see, it will take a lot of commitment to fulfill the duties of the estate executor, which is why it is so important to carefully choose the person you want to have in this position for your estate.