What are the Executor's Responsibilities?

What are the Executor's responsibilities? An executor is the person who helps finalize the finances and assets for a deceased person. As executor of an estate, you will need to get copies of the death certificate, notify authorities, such as Social Security, to stop benefits and may be involved in arranging the funeral.

You will also need to follow the instructions in the will to administer the estate.

You will organize the assets, pay off any debts, close accounts like utilities and cable or phone plans and distribute money and possessions to beneficiaries.

US News’ recent article entitled “How to Prepare to Be an Executor of an Estate” takes a look at the responsibilities of an executor.

What are the Executor's responsibilities?  If you are asked and accept the position, start by finding the important documents, like the will. As executor, you are acting in a fiduciary capacity, and your efforts are directed toward the interests of the beneficiaries of the decedent’s the estate.

The time required to be an executor can be extensive. If you are asked to be the executor before the person passes away, ask to locate the original will. Read it and make certain that you understand it.

After the death, it typically takes at least six months or more to carry out all the administrative work related to the estate. Therefore, if you do not have the time, do not agree to serve as executor.

Finally, executors may be compensated for their work. Executors can elect to take a commission for their services.

Ask for help if tasks seem overwhelming or you do not understand certain instructions on accounts or the will. We, experienced estate planning attorneys, can assist.

To discuss the Executor's responsibilities, book a call with the Law Firm of Benjamin D. Eckman with offices in the Wayne, Union and Hackensack.

Reference: US News (Dec. 22, 2021) “How to Prepare to Be an Executor of an Estate”