The individual named as the executor in a Will is entrusted with the assets of the individual who drafted the Will after the individual dies. The executor has responsibilities with regard to administrating the estate, accounting for its assets, paying taxes, distributing the assets of the estate, and dealing with a variety of other issues. Executors responsibilities have not changed in recent years. However, the responsibilities have become more complicated.
New Problems for Executors
In the past an executor would go to the decedent’s home, look for documents concerning assets, try to ascertain whether there was a safety deposit box, and by and large was usually able to locate documents that enabled him or her to determine what the assets of the estate were. This is no longer the case today. Many individuals maintain all of their financial documents online. An executor will usually not know the password or user names which would enable him or her to be able to get into these accounts. Obtaining access to a decedent’s digital information has become a major problem facing executors.
Easing Burdens and Responsibilities of Executors
The best way for an executor to ease his or her burdens is to hire a law firm which has a team of attorneys, accountants, paralegals, and other individuals who can help him or her carry out the responsibilities of an executor.
The following are a list of some of an executor’s responsibilities:
- Probate the Will. The executor needs to find the Will, hire an attorney, and see to it that the Will is probated.
- Collect assets. The executor must identify, collect, value and manage and safeguard all of the estate’s assets during the period of time the probate proceedings are making their way through the courts. This can include bank accounts, stocks, bonds, items in safety deposit boxes, household and personal effects, as well as out of state property, out of country property, digital assets and other items such as the decedent’s interests in other estates, trusts or litigation pending in the courts.
- Filing tax returns. The executor must prepare and file all necessary estate tax returns.
- Pay the debts and expenses of the estate. The executor must determine who the creditors of the estate are and see to it they are paid.
- Distribution at the end of the estate. The executor must see to it the assets are appropriately distributed pursuant to the terms of the Will.
Conclusion
Executors have numerous responsibilities which should be taken seriously. These responsibilities in the digital age have become more complicated to carry out.
