An Executor is a person or institution appointed by a court to be responsible for carrying out the terms of your Will and overseeing the administration of your estate. The duties and responsibilities of an Executor may vary by state and by the particular estate at issue, but generally include:
- Interacting with the probate court (or other court with jurisdiction over probate proceedings)
- Identifying and taking control over probate assets, such as bank accounts, accrued salary; personal property, life insurance or retirement proceeds payable to the estate, and/or business interests held by the decedent
- Paying taxes, bills, and expenses from estate assets
- Determining the distributions to be made from the estate and making those distributions to beneficiaries and heirs
- Working with attorneys and/or accountants during the administration of the estate
- Maintaining detailed accounts and records and, if required, filing an inventory of assets and accounting of assets with the court
This is only a representative list of the types of responsibilities an executor may have. Some estates may require additional tasks and some of these tasks may not be required for other estates.