Executors have a lot on their shoulders. From start to finish, they carry out numerous tasks throughout their service.
But what exactly are these duties? What do executors have to oversee?
Responsibilities to the estate and decedent
As Executor.org states, executors have numerous duties and responsibilities during the course of their work.
First, they have to maintain the estate and carry out the wishes of the decedent to the best of their ability. In the case of the latter, this can include proper handling of their body, making funeral arrangements and so on.
They must also file the decedent’s final taxes, using assets from the estate to make this payment.
Regarding the estate, an executor needs to decide what bills to end and which to continue paying. They must then continue paying said bills, such as electricity to any properties owned by the decedent.
Responsibilities to creditors
Of course, if the decedent had any outstanding debts before their death, then it is up to the executor to repay them.
As with taxes, the executor will use assets from the estate in order to repay these debts. It is best to work with the estate attorney and any financial advisors during this portion of probate.
Responsibilities to beneficiaries
Finally, after the process of probate comes to completion, an executor’s last task is to ensure that the beneficiaries get their portion of assets from the decedent’s estate plan in accordance with their will.
The executor will often carry out numerous other tasks in between, making it crucial for a potential executor to understand well what they get into before they agree.