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Executor Duties and Checklist
Once you are appointed as executor of an estate, the appointment must be treated as valid until it is revoked in an official proceeding. This could happen if the original person was not able to perform his/her duties as the original appointee. As executor, you play the key role in the probate proceedings. After residency and bond issues are reviewed, and the court officially appoints you as the executor, it is up to you to collect and inventory the assets of the estate, pay all debts and expenses of the estate, and then distribute property to the beneficiaries and establish any trusts, if directed by the Will. It will be the executor's responsibility to notify heirs,
beneficiaries and creditors, obtain a federal identification number for tax
purposes, and open a checking account in the name of the estate. The executor must review all records to determine all of the assets of the estate, and physically take custody of all assets which are subject to probate. After taking custody, the executor must determine the fair market value of the estate property, pay any debts still outstanding, resolve any claims by creditors, and pay the costs of all expenses incurred in administering the estate. You may have to sell some of the estate's assets to pay debts and expenses. In addition, you are also responsible for preparing and filing death tax returns. This can include the federal estate tax return and the state inheritance and estate tax returns. You will also be responsible for filing the final individual income tax returns, the estate income tax returns, and any necessary gift tax returns. Finally, it your responsibility to distribute the remaining estate assets to the beneficiaries, and to establish and fund any trusts specified in the Will.
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