5 Duties of an Executor
While duties of executors will vary state by state, here is a general list of duties an executor can perform:
- Start & Oversee the Probate Process
Probate is how an individual’s will is validated by a court. The probate process ensures the individual’s assets and finances are properly managed, distributed, and settled.
To start the probate process, the executor first files a petition in the proper court, along with a copy of the will. The court will officially appoint the executor. The executor may be tasked with notifying potential heirs, anyone who benefits from the will (called beneficiaries), and creditors that probate has begun.
- Inventory and Value Assets
The executor will then need to inventory any of the individual’s assets. This can include property, bank accounts and investments, personal belongings, and more. The executor then determines the value of all of the property, which may require hiring professionals to provide fair market valuations.
- Pay Any Debts, Taxes, & Expenses
The executor will then use the assets to pay off their debts. If the individual does not have enough assets to pay off their debts, there are various debt relief or forgiveness programs which may help.
The executor must also file the individual’s taxes and uses the individual’s assets to pay for any funeral and burial expenses.
- Distribution of Assets
After paying off debts, taxes, and expenses, the executor must then distribute the remaining assets to the beneficiaries, according to the instructions in the will.
The executor may also have to help resolve any disagreements about the distribution of assets.
- Record Keeping & Administration
The executor is responsible for keeping a record of all financial transactions related to the will. The executor should keep records of debts and expenses paid, assets distributed, and any income received (such as a last Social Security benefits check). The executor should also keep record of any communications with beneficiaries, creditors, attorneys, or anyone else involved in the administration of the will. The executor will often have to file documents in court and may have to represent the individual’s estate if any legal matters come up.