Executor: What Are Your Responsibilities?

Executors or personal administrators manage your estate when you die. The responsibilities of your executor are to first read and understand your will (and revocable trust if applicable). Have the original will admitted to probate so that you get authorized, by the issuance of letters testamentary, to serve as executor. Identify all family and other key people. You should prepare a family tree with family information and then review dispositive documents to identify other people who may be named. You also have to identify all assets. This may require some investigation into records of the decedent, safe deposit box, home inventory and more. Review the decedent’s income tax return to identify income or expenses that might suggest that assets or debts that were missed. Pay all bills and expenses, pay or address liabilities. File all income and estate tax returns (state and federal) and make all necessary payments. Make distributions to beneficiaries as required under the Will. Before distributing assets you might have all beneficiaries sign a receipt, release and refunding agreement in which they acknowledge that the payment being made is full payment for what they are entitled to under the will and that they agree to refund a proportionate share if the estate discovers new liabilities in the future. You should maintain records and provide appropriate beneficiaries and others some type of accounting to demonstrate how the estate was administered. If there are charitable beneficiaries determine what reporting, if any, is required to the state’s attorney general.