Taking on the role of an executor is a significant responsibility that comes with both legal and emotional dimensions. Understanding the duties associated with this role is essential for ensuring that the estate is managed effectively and in accordance with the deceased’s wishes.
An executor has great responsibility. Of course, there is the responsibility of honoring the deceased by following the law and the will to complete the final administration of the estate. There is also a responsibility to communicate with the beneficiaries and act in the best interest of the beneficiaries (not your own self-interest). You’ll be responsible for managing and safeguarding the estate assets until they can be distributed in a process that can typically take about a year to complete.
When learning about the executor role, it is important to realize the successful administration of the estate isn’t resting on your shoulders alone. Smart executors often rely on assistance from a team of professionals to do key tasks. For example, an accountant can help file tax returns for the estate and the deceased. An attorney can help with all of the legal filings and paperwork. And a financial advisor can help transfer investment accounts if the deceased used them.
Remember that an executor can receive compensation for this important work. Additionally, an executor can be reimbursed for expenditures incurred while completing the executor tasks, and you’ll need to keep detailed records. Curious about some of the other 15 primary duties of an executor? Executor.org provides great resources, and can even customize a plan specifically for you as you serve in the executor role.
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