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Farmingdale Public Library

September/October 2019 Newsletter

Topic of the Month

TOP 10 DUTIES OF AN EXECUTOR OF A "WILL"

Being chosen an executor is both an honor and an obligation. Before accepting, you should be sure you understand what are your responsibilities. Broadly speaking, you will be arranging for payment of estate debts, taxes, funeral expenses and other expenses and distributing the deceased person's property. Engaging an attorney is generally recommended to assure the executor properly complies with his or her duties. Ten specific duties are as follows:

1. Get copy of the "Will", understand it, determine who inherits the property and file it with local probate court

2. Notify banks, credit card companies, brokerage firms, insurance companies, pension benefits, and government agencies, e.g. Social Security Administration, Veterans' Affairs, of decedent's death.

3. Decide what kind of probate is necessary. Because inheritance laws may facilitate the passing of certain properties without probate (such as property held jointly by husband and wife), probate isn't always necessary. Additionally, the value of the estate may allow it to pass through an expedited process. If probate is required, you need to file a petition with court to be appointed an executor. You will likely need an attorney's assistance to accomplish this.

4. Represent the estate in court. An executor may be required to appear in court on behalf of estate.

5. Set up bank account for incoming funds and pay any ongoing bills. If decedent is owed money, e.g incoming paychecks, this account can hold them. An executor should be on lookout for mortgages, utilities and similar bills that need to be paid throughout probate process.

6. File an inventory of estate's assets and debts with court

7. Maintain property until it can be distributed or sold and find all personal property in estate and protect it until distribution.

8. Pay estate's debt and taxes and file "income" tax returns from the first of current year until the date of decedent's death. If estate is large enough, there may be state and/or federal "estate" taxes to pay as well.

9. Distribute assets according to the wishes expressed in the "Will". If there is no "Will", state intestacy laws apply.

10. Dispose of other property if left after paying off estate's debts and distribution to heirs.

Since estates vary greatly in size and complexity, and executor's job may be easy or challenging to carry out and responsibilities may very well go beyond the 10 basic duties in the list. Consulting with an attorney is generally to assure that executor properly complies with his or her duties.

Go to legalzoom.com for related articles.