Who is an Executor?
An executor of Will is the person chosen by the probate judge to act as the administrator of a deceased person’s estate during the probate process. An executor is not typically a lawyer, but they work closely with an attorney to execute their duties with honesty and diligence.
What does an Executor do?
- Manage the Decedent’s Property
- An executor is responsible for keeping the decedent’s assets safe until they can be distributed to the proper beneficiaries.
- Find and Contact Beneficiaries
- An executor is tasked with locating the beneficiaries who were named in the Will and informing them about the assets that have been conveyed to them.
- Managing the Decedent’s Affairs
- This can cover everything from notifying creditors to canceling accounts. Most active accounts of the decedent need to be closed soon after death. If the decedent was collecting Social Security benefits, the Social Security Administration must also be notified.
- Paying off Debts
- Before any beneficiary can receive property of the Estate, the decedent’s creditors need to be paid off. The executor is responsible for notifying all creditors of the death according to state law
- Paying Final Income Taxes
- Everyone must pay their taxes, even a decedent. An executor is responsible for making sure that the decedent’s income taxes are filed and paid for the decedent’s last year of life.
If you need assistance probating an Estate or need information on the duties of an executor, please call the lawyers at Stanko, Senter & Mitchell today.