When an adult creates their estate plan, they name someone as the estate’s executor. That individual has specific responsibilities to perform once the creator passes away. The most important of these is ensuring that the decedent’s final wishes are carried out properly.
It’s critical for anyone who’s creating an estate plan, as well as those who have been named executors, to understand exactly what’s required of the estate executor. Many of these legal responsibilities have strict deadlines that must be met.
Executor responsibilities
The first thing the executor must do is find the decedent’s will. They must then file it with the Surrogate’s Court in the county where that person lived. From there, the court will issue Letters Testamentary, which gives the executor the legal authority to act on behalf of the estate.
Once the executor has the Letters Testamentary, they must make an inventory of all assets. This includes the bank accounts, property, vehicle and investments of the decedent. They must also notify all creditors and beneficiaries.
Some creditors may opt to file a claim against the estate, and the estate will likely have other bills due. The executor must pay any outstanding debts and file the final tax return for the decedent.
In some cases, the executor must sell or transfer property. They’re also responsible for distributing assets to the beneficiaries according to the terms of the estate plan.
Executors must keep records of every transaction that’s made, as they may have to provide accounting to the court or to the heirs. This requires them to be organized, diligent and have a solid understanding of their responsibilities. It may be beneficial to work with someone who understands how to handle the estate so they can ensure everything is handled in a proper and timely manner.
