Understanding the Role of an Executor
Being an executor is a significant responsibility that often surprises those unfamiliar with the estate administration process. At our firm, we emphasize to all clients from the outset that estate administration is a marathon, not a sprint, typically taking between 12 to 18 months. This means the executor has a long and demanding road ahead.
The executor's duties begin with identifying the estate's assets and liabilities. It’s crucial to ensure the estate is solvent; administering an estate with more debts than assets can lead to complex challenges. Once the estate's solvency is confirmed, the executor must marshal the assets, which involves identifying and categorizing all assets owned by the deceased as either probate or non-probate assets, and then gathering all probate assets into an estate account.
One of the most important responsibilities of an executor is to pay any debts, expenses, and taxes before distributing any property to beneficiaries. This often comes as unexpected news to those anticipating immediate inheritance. Failure to settle these liabilities can result in the executor being held personally liable if distributions are made prematurely.
For those navigating the complexities of being an executor, consulting with an estate administration attorney is highly recommended. An experienced attorney can guide you through all aspects of the process, from probating the will to handling debts, taxes, and expenses, including inheritance tax, final income tax returns, fiduciary income tax returns, and, if applicable, the federal estate tax return.
In summary, being an executor is a complex and serious job with numerous responsibilities. If you need more information or assistance in this role, we invite you to contact our law firm to schedule an appointment. Our team is here to support and guide you through every step of the process.
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