What is an Executor and what are their responsibilities? 

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In short, the executor is someone given the legal responsibility to wind down and distribute a person’s estate. This person is normally nominated by the Testator, or in plain terms, the writer of the will. This, of course only happens when a legally-binding will exists, in which case the estate is said to be testate.  If no will exists, then the decedent is considered to have deceased intestate and there can be no executor because there is no will with which to carry out the instructions.

In the case of an intestate a close family member or friend may be called upon, or volunteer to serve as Administrator to the estate. While both have the same responsibilities, an executor has more leeway in organizing the estate, paying creditors and distributing the residual assets, as opposed to the Administrator who will be under the direct guidance of the courts.

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The responsibilities are, in no particular order:

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• Locating and notifying all potential beneficiaries of the death event and keeping them up to date on the process. The executor/Administrator also has the privilege of mediating between all heirs and beneficiaries.

• Locating and cataloging all assets and liabilities

• Arranges for estate maintenance and security during the entire process, including financial assets

• Offering the will for probate administration in determining the dissemination of assets that fall into probate

• Collecting, arranging and negotiating for payment of all debts

• Determining if the estate is small enough to fall under the Small Estate Articles

• Disbursing all net-property (cash and real or physical property)

• Calculates and ensures there are sufficient assets to pay all debts (including assets) prior to disbursement to beneficiaries

• Ensures that all estate taxes are calculated, necessary forms are filed, and taxes are paid.  This includes any pre-death taxes

•  Works with and assists all estate attorneys, external Trustees and Guardians

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Other items to consider:

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• The Executor takes legal title to the estate property while administering to the will but may not use the title or property for their own benefit, unless permitted by the terms of the will.

• The Executor can be sued by members of the family, creditors, courts, tax authorities and others for errors or malfeasance. It is usually to the benefit of the Executor to buy insurance protection in the form of a bond, payable by the estate.

• While executors are usually close friends or members of the family and execute the duties of an executor free of charge. Executors can charge for their services with the fees based upon a percentage of the value of the estate (usually around 4% but varies by state) and the amount of work entailed.

• The ultimate job of the executor besides disbursing the estate is to minimize the portion of the estate that falls into probate.  This would greatly lower the workload and expenses incurred by the executor and estate and is where planning ahead really comes into play.

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These responsibilities and tasks are highlighted in our Calendar Function as easy to follow events and tasks. Each task is accompanied by functions such as suggestions for a local vendor, automated Document handling, including pre-fill and storage, along with other calendar functions. We also offer an encrypted Chat Function to help communicate with families and advisors. Please visit our Subscription Page for more information.