An executor plays a crucial role in managing the administration of a deceased individual estate, ensuring most importantly that their final wishes are carried out. The duties and responsibilities of an executor can vary depending on the complexity of an estate and the specific instructions outlined in a deceased person’s will. However, generally speaking, an executor begins the probate process by the filing of a Petition for Grant of Letters with the Register of Wills in the county the decedent was domiciled. The Executor is then provided with a Short Certificate and Grant of Letters, evidencing they have been authorized to act on behalf of the Estate.
The Executor compiles an inventory of assets and debts of the decedent, notifying any beneficiaries or those required by law to be given notice of the estate, including publishing estate notices in the local legal journal and newspaper. The Executor handles the filing of various documents and contacting entities such as the Department of Human Services.
The Executor manages and safeguards estate assets through the probate process, including maintaining bank accounts, paying bills, collecting and paying debts, closing accounts, as well as selling or transferring any assets of the estate. The Executor, often with the help of professionals, files the inheritance tax return and final income tax return of the decedent.
The executor is also responsible for keeping accurate records of all estate transactions, including income, expenses, and distributions. The Executor will be required to provide an accounting of the estate’s finances to the court, beneficiaries or both.
Once all debts have been paid, assets distributed, and legal requirements met, the executor closes the estate by either an Order of Court or an agreement amongst the parties. It’s important to note that serving as an executor can be a complex and time-consuming responsibility.
Executors have a fiduciary duty to act in the best interests of the estate and its beneficiaries, and they may be held personally liable for any mistakes or misconduct. As such, it’s advisable for executors to seek guidance from legal and financial professionals to ensure they fulfill their duties and responsibilities properly.
If you have any questions about the topic discussed in this article, or any estate planning matter, please give us a call at Bononi & Company 724-832-2499.