Mark Reckman - Understanding Executor Responsibilities

It’s not easy – it’s not hard – it’s somewhere in between. It’s making choices/decisions.A.    Broad Duties of an Executor:  1.      Follow instructions in a Last Will and Testament.  2.      Hire professionals.  3.      Work with family.  4.      Pay taxes and bills.  5.      Distribute assets.   B.    Specific Duties of an Executor:  1.      Find the Will and Review its contents  a)      Locate and review the Will with a lawyer.  b)     Determine if probate is necessary.  c)      File the Will with Probate Court.  d)     Notify beneficiaries.  2.      Secure Assets:  a)      Insure valuables or property.  b)     Conduct an inventory and get an appraisal, if needed.c)      Determine if there are any non-probate assets included in the estate (such as trusts). This is property that can be transferred outside of the Probate Court. Example: life insurance, TOD/POD assets, retirement accounts, joint and survivor assets.3.      Manage Finances:  a)      Cancel credit cards, bills and subscriptions.  b)     Freeze accounts and terminate contracts.  c)      Inform banks, brokers, landlord, tenants, doctors/health care professionals, post office, Social Security Administration and employer/employees of the testator’s passing.d)     Open estate account.  e)      Collect benefits or outstanding payments.  f)      Give notice to creditors and determine if claims are valid.  g)     Sell assets or property if necessary.  h)     Pay outstanding debts (including funeral costs).  4.      Close the Estate:  a)      File a final account with Probate Court and beneficiaries.  b)     Pay the attorney.  c)      Pay the executor.  5.      Disperse the Remaining Assets According to the Will:a)      Protect all assets until they are ready to distribute.   b)     Donate to organizations or charities if called for.  c)      Deliver gifts to individuals named in the Will.  d)     Divide remaining estate among beneficiaries as specified in the Will.