An executor of a will is responsible for managing and administering the estate of a deceased person according to the instructions in the will. Their duties typically include filing the will with the probate court, having the will probated, collecting and safeguarding the deceased’s assets, paying debts and taxes owed by the estate, managing estate assets, and distributing the remaining assets to the beneficiaries as outlined in the will. The executor also notifies beneficiaries, handles funeral arrangements, and provides accounting reports to beneficiaries or the court. Executors may be held personally liable if they fail to properly carry out their responsibilities or if they distribute assets incorrectly. Executors often seek professional legal and financial advice to help fulfill their duties, especially in complex estates.
Main Responsibilities
- File and probate the will legally.
- Collect and manage estate assets.
- Pay off debts, taxes, and expenses.
- Notify and communicate with beneficiaries.
- Distribute the remaining assets per the will.
- Keep detailed records and provide accounting reports.
Additional Notes
- Executors must act diligently and honestly as fiduciaries.
- They may need to handle disputes, unclear terms in the will, or challenges to the will in court.
- The administration period can range from months to several years depending on estate complexity.
This comprehensive role ensures the deceased's final wishes are fulfilled lawfully and fairly.
