List of Duties and Responsibilities of a Deceased's Executor


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List of Duties and Responsibilities of a Deceased's Executor

	Summary: If you are the executor or personal representative of a decedent's estate, you must probate the will, prepare the tax return, distribute assets to the beneficiaries etc.

Have you been asked to serve as executor of an estate: your spouse's, your parents', an aunt's?

Being executor means you are that person's personal representative, and you are obligated to follow directions in the will after it's probated.

Here are some steps to take as an executor:

Contact a probate attorney to file a petition in probate court to verify the will and appoint you as executor.
Search for the following: financial records, trust instruments, prior gift and income tax returns, real estate deeds, business agreements, unpaid bills and undeposited funds.
Obtain death certificates from the local county clerk, mortuary or funeral director. You will need these to claim life insurance proceeds, change title to bank accounts and transfer title to other assets.
Contact life insurance companies to claim policy proceeds. Phone soon because the estate may need the money. The number is usually on the policy.
Open an estate checking account. Deposit the decedent's checks and pay debts and expenses owed including funeral expenses and taxes. A record of what goes in or out of this account will be necessary for tax returns and probate court.
Notify banks, investment brokers and the Social Security Administration. Its phone number is 1-800-772-1213.
Contact a tax accountant. Income tax returns might be due: for the estate, for trusts and a final one for the decedent. Also, a death tax return might be due to the state and the IRS.
Review the decedent's IRA and employer retirement and benefit plans with a tax advisor. Beneficiaries may need to make decisions affecting income taxes.

Make distributions to beneficiaries, but only after you are sure the estate has paid or has adequate funds to pay debts, expenses and taxes of the estate. If there are insufficient assets to pay estate taxes, executors must pay them from personal funds. Theoretically, executors can require reimbursement from beneficiaries who have received distributions, but this may be impractical if, by then, they have no funds. (more at Estate Planning)

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Released 12-17-01