The executor of a Will should be a person you trust to carry out all of the tasks associated with managing and distributing your assets after you have passed away. This process will take at least a few months and can take years, depending on the nature of the assets and the complexity of the distribution plan. Executors have fiduciary duties to the estate, beneficiaries and in some cases creditors. Fiduciary duty means you have an obligation to someone else even if it is contrary to your own best interest. Before accepting the role of an executor this responsibility should be considered.
Maintaining Property
Executors are the protectors of the estate until it is time to distribute the assets to the beneficiaries. The executor has the responsibility of securing, managing and maintaining the property included in the estate. This could include taking care of a family home until it can be transferred or sold, or collecting personal property to be distributed to specific beneficiaries. Recordkeeping is an important task for the successful executor. These records should document the process of collecting property, paying debts and distributing property. These records can demonstrate whether or not the Executor has met his fiduciary obligations.
Finish Up Financials
Income tax returns will need to be filed for the person who has passed away, and any outstanding debts will need to be paid by the estate. This may involve notifying creditors with an interest in the estate assets, as well as handling the regular bills and other costs that the estate would normally incur.
If you need assistance in administering an estate, contact The Law Offices of Debbie J. Cunningham at (972) 292-7199.
Law Offices of Debbie J. Cunningham
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