RESPONSIBILITIES
RESPONSIBILITIES OF AN EXECUTOR
Even if you have acted as an executor before, no two estate administration processes are exactly alike. While the estate itself may be fairly straightforward, the beneficiaries (and their emotions and reactions) can be very different.
CONTACT USSome of your routine responsibilities as an Executor are:
• Obtaining the probated will;
• Advertising for and/or notifying creditors and claimants/beneficiaries;
• Protecting the assets of the estate
• Paying the liabilities of the estate and collecting any receivables;
• Filing final tax returns of the estate;
• Accounting for the assets and liabilities of the estate;
• Verifying claims against the estate;
• Distributing the assets of the estate;
• Accounting for the administration of the estate; and
• Liquidating the assets of the estate.
Did you know?
Executors can be held personally liable for the decisions they make in the course of estate administration?
Even though you will be acting in good faith, errors or disagreements can result in the executor and the estate being sued by beneficiaries. Other factors can also add to the risk you face as an executor, such as the current economy, relationships within families, and the individual personalities involved.
