Executor’s Duties in the Probate Process

 Helps carry out your burial wishes. Meets with family members and other interested parties to provide guidance, consults with your attorney, and coordinates with those familiar with your financial affairs.

 Takes immediate steps to protect your estate before being officially appointed as executor, including safeguarding insurance, real and personal property, and ongoing business interests. Reviews all books and records, and notifies banks, safe deposit companies, and other relevant parties of your death.

 Establishes proof of heirship and locates witnesses. Through the estate attorney, petitions the court to probate the will and requests necessary court orders throughout estate administration. Once appointed as executor, files the official oath of office.

 Collects life insurance policies, secures tax waivers, and gathers all cash assets. Inventories and appraises household goods, placing valuables in a safe location. Pursues all claims owed to the estate, locating evidence and witnesses for contested claims. Oversees ongoing business interests, takes custody of securities, and collects all interest and dividends. Reviews real estate holdings, including leases, taxes, and mortgages, and arranges proper management.

 Acts according to the instructions in your Will, the needs of the estate, and local probate law. Carefully evaluates valuable collections, determining which items to sell and when, and estimates the cash needed to pay taxes, legacies, and administrative expenses while planning the net estate for distribution. Reviews business interests thoroughly to decide whether to continue, liquidate, or sell them, and manages or completes any unfinished contracts. Analyzes market conditions for securities to determine the optimal order of sale if funds are needed for taxes, expenses, claims, or specific bequests. Examines real estate to assess earnings, market value, and suitability in case a sale becomes necessary.

 Handles the detailed process of preparing and filing all necessary tax forms and returns with the appropriate authorities. Pays income taxes for the year of death, as well as any inheritance or estate taxes. Manages income taxes for the portion of the year prior to death and files returns for the period after death. Ensures inheritance taxes are paid in the state of residence and obtains waivers for transferring securities. Coordinates any necessary proceedings to release property or securities located in other states. Conducts a thorough review of all potential tax claims to ensure no further liability exists, filing preliminary notices and paying both state inheritance and federal estate taxes.

 Collects accurate and complete evidence of the value of all assets as of the date of death.

 Publishes a notice to creditors, reviews all claims to ensure they are valid, contests improper claims, and pays approved claims from the estate.

 Prepares a detailed final accounting of all receipts and expenses, notifies interested parties of the court hearing, and distributes the remaining estate property as directed by the court.

 After making all final payments and distributions to beneficiaries, obtains a formal discharge as executor.