So, you've been named the Executor of a will.
An Executor (or Executrix, if female) is the person named in a will to manage and administer the decedent's estate after death. You are charged with carrying out the decedent's wishes in accordance with his/her Last Will and Testament.
When the time comes to handle the responsibilities of being the named Executor, it can sometimes be confusing and overwhelming. Having a general understanding of the process can alleviate some of the stress.
The duties of an executor are specific to each case, however, there are general duties an Executor must perform:
1. Gather documentation and information. You will need the original will and certified copy of the death certificate as well as information regarding assets and debts.
2. Protect and manage the estate. This may include notifying creditors, Social Security Administration, financial institutions, utility companies, and other governmental agencies of decedent's death; selling property, managing assets, securing a home, bringing lawsuits, paying bills, etc. It is important that you keep records and stay organized.
3. Distribute the assets of the estate in accordance with the decedent's wishes as set out in the Last Will and Testament.
4. File an Accounting. After the succession is completed, the Executor must render a final accounting.
At the conclusion of the succession, the Executor is entitled to a 2.5% fee of the gross assets of the estate.
See FAQ asked by an Executor of a will.
Contact the experienced attorneys at DSG Law Office for personal guidance when you are appointed as Executor (or Executrix, if female) and utilize our expertise in opening succession and navigating the process.