Understand Your Role as Executor of Estate
What Is an Executor of Estate?
Also known as the executor of the will, an executor of an estate is in charge of a decedent’s (the deceased’s) estate. A decedent can no longer control her or his own affairs, so it becomes someone else’s duty, typically someone either pre-appointed by the decedent or someone close to the decedent, such as a relative.
Common Executor of Estate Jobs
An executor of the estate has roles that occur chronologically. Depending on the size of the estate and the will, the role could take weeks, months, or even years.
The executor must manage the estate during the entire process. This could mean appearing in probate court and making filings and dealing with beneficiaries and heirs. Additionally, the executor may need to deal with people such as appraisers and accountants if deemed necessary by the courts.
Will Submission and Contesting
An executor’s first job is submitting the decedent’s last will to the courts. During this process, a judge decides if the will meets state laws and is free of errors.
If the will passes, the rest of the process should be relatively smooth. However, if it is not, the executor must complete additional steps. During this period, those with a stake in the estate (such as heirs) can contest the will.
Appointing an Executor of the Estate
In most cases, the decedent designates an executor in their will. Typically, the court honors this choice unless someone raises an objection, which would require filing a separate lawsuit.
If the will does not name an executor or no will exists, state laws generally outline the order of who may be appointed. If you encounter issues with the selected executor, consulting an attorney can help you address the matter.
Once appointed, the executor has the authority to act on behalf of the estate. The court provides letters of testamentary or letters of administration to confirm their legal right to handle estate matters with financial institutions and other entities.
Notifications of Death
If not already done, the executor must make the family and any other pertinent people aware of the decedent’s death. This could be done formally or informally and includes ending the decedent’s subscriptions and cards. Also, the Social Security Administration needs to receive a notification if the decent received any benefits.
Assets
The next step is identifying and gathering assets for safekeeping. Precious items of value require protection. Part of the executor’s role is talking with family members and going through paperwork to make sure to catalog all items of value.
A properly executed will note many of these assets, but it is still the executor’s job to ensure to log all items of value properly.
The executor does not need to pay for this process personally. The estate’s money transfers to a new bank account that the executor uses to manage the estate.
Taxes
The executor must have the decedent’s assets valued for tax purposes to determine estate taxes accurately. She or he can determine the value at the date of death or a date up to six months later. Whichever the decedent chooses, the Internal Revenue Code states specific guidelines to follow. It is best to consult with an attorney to follow all the latest laws and regulations.
Debts
If the decedent had debts, family members and beneficiaries do not bear responsibility for paying them unless they cosigned or are a spouse (in some states). However, the executor must notify creditors, and most states require the placing of a newspaper ad declaring the decedent’s death to inform unknown creditors.
At this point, the creditors make claims to the estate for payment. If the executor deems the claims are valid, estate funds pay them off. If a creditor goes unpaid and continues to make claims, they need to go through the courts. Then, the executor needs to hire a lawyer with the estate’s funds to appear in court.
Closing the Estate
At this point, the executor submits an account of all the proceedings, transactions and dealings to the court. Then, the judge allows the executor to distribute all remaining funds and property to those named in the will.
Is an Executor of an Estate a Paid Job?
With the amount of work required by the executor of estate, you may be happy to know it is a paying gig. The amount the executor receives depends on the state. Additionally, most last wills and testaments have instructions for executor payment. The payment comes out of the decedent’s estate; beneficiaries divide the rest.
Work With an Experienced Local Lawyer
If you ever find yourself named as an executor of estate, hire a lawyer to help you navigate the process. Your lawyer gets paid from of the estate funds and can help you navigate the courts smoothly. A lawyer also has connections to help catalog and find assets, work with creditors, and more.
Dealing with a decedent’s estate is already stressful and confusing enough. Submit a request online or call us today at (866) 345-6784 to get in touch with an experienced lawyer in your area!
About the Author
Aaron is a professional legal writer with a B.S. in English Education from Southern Illinois University – Carbondale. He has written, published, and edited thousands of legal articles for RequestLegalHelp, which has connected over 5 million people to legal help in the United States.
With over five years of experience writing thousands of legal articles for law firms across the U.S. and Canada, Aaron specializes in covering federal, state, and city-level legal issues ranging from auto accidents to wrongful terminations.
