Being an Executor

When someone dies, an executor or personal representative is designated in the decedent’s will or is appointed by the state. It is the executor’s responsibility to manage virtually all aspects of the estate settlement process until all appropriate state and federal regulations are met, outstanding liabilities resolved and the remaining assets are distributed to the heirs.

Serving as an executor or personal representative is often a daunting and time-consuming task, even for sophisticated and astute individuals. This is especially true when the estate includes properties in different states, and when the heirs are scattered widely across the country.

An Executor’s Duties

Duties of the executor/personal representative typically include:

• Security and care of the family, including attending to immediate financial needs.
• Assistance in funeral arrangements and organ donation, if appropriate.
• Interpreting the will and trust agreements, or presiding intestacy laws.
• Identifying, collecting and protecting the deceased’s assets.
• Determining which assets must be probated and which can be transferred directly to named beneficiaries.
• Managing any existing real estate, businesses, and investments until the estate is settled.
• Notifying the deceased’s creditors and settling their claims.
• Filing all of the estate’s and decedent’s federal and state tax returns.
• Paying the deceased’s taxes and other expenses.
• Distributing the remaining assets to the beneficiaries according to the terms of the will, or state law (if intestate), or trust agreements.
• Providing a complete and accurate accounting of all financial transactions.

Future Executors - Prepare Now with EstateLogic

Will you be an executor for an aging parent or loved in the future? You can use EstateLogic now to get prepared. Work collaboratively with your loved one to gather, store, update and share critical instructions, preferences and priceless heritage information. Learn more about EstateLogic’s features and benefits.