What are the Duties of an Executor?
May 17, 2012 By Robert J. Kulas, P.A.
As you go through the process of planning your estate, one of the things you’ll be asked to do is to name an Executor of your Will. Many people name their spouse or child without giving much thought to what an Executor actually does – and this could be a mistake. The role of Executor is an important one, and it can involve unfamiliar and stressful duties.
You’ll want to make sure that the person you name not only has the appropriate experience and skills to enable him or her to fulfill the role, but also that he or she will be emotionally capable of handling the task.
Here’s a general overview of the duties of an Executor:
- Locate your Will and take it to a probate attorney, who will offer guidance during the probate process.
- With the help of a probate attorney, file your Will, along with other documents, with the appropriate court to officially start the probate process.
- Locate and secure your probate property.
- Notify the appropriate heirs and beneficiaries that the Will has been filed and the probate process has started.
- Notify your creditors that the probate process has started.
- Manage the assets of your estate.
- Determine the value of the estate assets.
- Identify and pay your final bills and legitimate debts.
- File any necessary income, gift or estate tax returns and pay any taxes that are due.
- If you also have a Living Trust, work with your Successor Trustee in settling your estate.
- Once all taxes and debts of your estate are paid, distribute your remaining estate assets according to the terms of your Will.
In addition to naming an initial Executor, you’ll also want to name an alternate Executor who can step in and settle your estate in case your first choice is not available when the time comes.
ABOUT THE AUTHOR: Robert Kulas
Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A. offers estate planning and business planning resources to residents of Port St. Lucie FL.
Copyright Robert J. Kulas, P.A.
More information about Robert J. Kulas, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
Here’s a general overview of the duties of an Executor:
- Locate your Will and take it to a probate attorney, who will offer guidance during the probate process.
- With the help of a probate attorney, file your Will, along with other documents, with the appropriate court to officially start the probate process.
- Locate and secure your probate property.
- Notify the appropriate heirs and beneficiaries that the Will has been filed and the probate process has started.
- Notify your creditors that the probate process has started.
- Manage the assets of your estate.
- Determine the value of the estate assets.
- Identify and pay your final bills and legitimate debts.
- File any necessary income, gift or estate tax returns and pay any taxes that are due.
- If you also have a Living Trust, work with your Successor Trustee in settling your estate.
- Once all taxes and debts of your estate are paid, distribute your remaining estate assets according to the terms of your Will.
In addition to naming an initial Executor, you’ll also want to name an alternate Executor who can step in and settle your estate in case your first choice is not available when the time comes.
ABOUT THE AUTHOR: Robert Kulas
Experienced estate planning attorneys Port St. Lucie FL of the Robert J. Kulas, P.A. offers estate planning and business planning resources to residents of Port St. Lucie FL.
Copyright Robert J. Kulas, P.A.
More information about Robert J. Kulas, P.A.
View all articles published by Robert J. Kulas, P.A.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
