An estate executor is the person who is named in an estate plan (or who is appointed by a court) to ensure the final wishes of the decedent are complied with. There are also other duties that this individual must perform.
The duties of an estate executor can be straightforward, but there are times when situations may become complicated. They must do everything required while acting in the best interests of the estate and beneficiaries.
Key tasks that must be done
The first thing that must be done is to locate the will (if there is one) and file it with the probate court. This step will give the court the opportunity to officially confirm the appointment or newly appoint an individual as the executor. They will then have the legal authority to act on behalf of the estate.
Once the executor is officially appointed, they have to identify and gather the decedent’s assets. This may include real estate, bank accounts, personal property and bank accounts. They must also take steps to notify creditors and to pay the outstanding debts, including taxes and final expenses, for the decedent.
The executor must also maintain all property during the probate process. This includes securing vacant real estate and keeping up with mortgage payments. Once the debts are settled, they can distribute the remaining assets.
Estate executors should try to avoid errors during the process of handling an estate. Any errors can lead to the probate process taking longer and being more costly. It may benefit these individuals to work with someone who’s familiar with these matters so they can benefit from guidance throughout the administration process.