Becoming an executor of an estate comes with its share of responsibilities and obligations, which can often be complex. It is therefore necessary to find out in advance what duties a potential executor will have to shoulder. The person selected to distribute the property of a deceased person according to their will, sorting their finances and ensuring payments of their debts and taxes, is the executor of an estate. Executors are mostly chosen from within the family, such as the spouse, children, parents and siblings.Browse through the following to find out what the obligations of an executor of an estate are:
Intimating banks, government agencies and credit card companies of the person’s death
It is the responsibility of the executor to notify the banks, government agencies and credit card companies of the person’s decease.
Paying taxes and debts of the estate
The creditors should be informed by the executor of the death of the writer of the will. It is also the responsibility of the executor of the estate to file final income tax returns from the first of the current year till the date of the decedent’s demise. The estate may need to pay state or federal taxes, or both if the estate is large.
Looking after the estate until it can be distributed
It is the responsibility of the executor to maintain the estate until it is distributed to its inheritors or sold off. They should also decide whether the estate needs to be sold at all or not, accumulate all the property in the estate and keep it safe, and locate the safety deposit box of the decedent, if any, and protect it.
Representing the estate in the court
One of the important responsibilities of the executor of an estate, is to represent the estate in the court of law with the help of a estate planning lawyer.
Creating a bank account for incoming funds and outgoing payments
It is necessary for the executor to set up an account with the bank so that the money the decedent is entitled to from different sources can hold it. Any due payment can also be paid through it.
[Executor of An Estate]