An estate executor is someone, generally a close family member, assigned by a deceased person's Will to settle their estate. Laws vary from state to state. In Florida, in cases where the decedent died without a Will the county probate court will assign someone known as a Personal Representative to carryout the same duties. Every estate is different and a large estate will have more complexities. Below are the 10 most common duties of an Estate Executor.
1. Secures legal representation for the estate. The executor should find an attorney that specializes in probate and estate settlement cases. They can charge hourly or by a precentage of the estates value.
2. Safeguards the assets of the estate. If the decedent owned real estate the executor should make sure the property is maintained and managed. Changing the locks is a good idea. Identify and safeguard vehicles and other personal property.
3. Petitions the court for Probate of the Will. Probate may not be necessary, but a copy of the will should be filed with he probate court.
4. Assembles and Inventories all of the assets. Searches for insurance policies, securities, bank accounts, safe deposit boxes and obtains custody of them. Several certified copies of the death certificate will be needed for this purpose.
5. Administers the Estate. Manage the assets of the estate until they are liquidated and distributed. Setting up a separate bank account(s) is generally a good idea.
6. Procures appraisal of all of the estate assets. If there is more than one heir to the estate this will ensure a more equal distribution of the assets.
7. Sees to the filing of the estate tax returns. Tax returns from the first of the current year until the date of the decedent’s death must be filed.
8. Settles all proper claims from creditors of the Estate. Notice to creditors must be published in legal newspapers at least 3 times, so creditors can make claims of outstanding debts from the estate.
9. Distributes the assets to heirs of the estate. Once the assets are liquidated, if necessary they are distributed to the heirs according to the direction of the Will or the Probate Court.
10. Obtains Final Discharge of the estate
Related:
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