Executor, Role and Duties
The executor is generally
responsible for gathering all of the
testator's
assets and using them to satisfy all of the testator's debts and
obligations, then disposing of the remaining property according to the
testator's will.
Some of the executor's specific duties include:
1. Valuing all of the testator's property.
2. Maintaining and caring for the testator's property.
3. Notifying the testator's spouse and children of the death, whether or
not they are named by the will.
4. Notifying the testator's
beneficiaries and heirs of the
death.
5. Notifying the testator's creditors of the death.
6. Determining which of the claims for debt are valid and ensuring their
payment.
7. Calculating and paying the testator's
death taxes.
8. Calculating and paying the testator's final income taxes.
9. Paying all testamentary
gifts according to the testator's instructions to the fullest extent
possible.
10. Keeping an accurate record of all transactions with the testator's
property while it is under the executor's control.
While carrying out these duties, the executor has a
fiduciary role and is legally
bound to act appropriately, such as properly protecting the estate assets.
The executor will typically hire an experienced attorney to guide him or her
through this process.
The administrator of an
intestate
decedent has the same duties as an
executor, except for those which relate to Wills.
See: Executor, Eligibility;
Executor, Ineligibility
