8 Duties of an Executor
As you build your estate plan, one important step is choosing the person to fulfill the role of executor of your last will and testament. This is a big choice – the executor of your estate will have many responsibilities, so you will want to choose someone you trust and make sure they know what will be expected of them.
In the State of Wisconsin, there are only two requirements someone must meet to fulfill the role of an executor: they must be at least 18 years of age and be of sound mind. Many people choose a close family member or close friend to fill this role. Alternatively, some people choose to name their lawyer, accountant, trust company, or bank to the role.
In short, an executor is responsible for seeing that the estate goes through the appropriate probate process, distributing assets, settling debts, and paying expenses. Read on for more detail on the duties and responsibilities of an executor.
Duties of an Executor:
- Filing the will with the probate court. As executor, one of the first duties after a death is to locate, read, and understand the last will and testament. Then, the executor is responsible for filing the will with the local probate court. While probate is not always necessary and may look different depending on the estate, the will must still be filed with the probate court.The assistance of an experienced attorney can be very helpful in navigating the probate process and throughout the process of executing a will. For questions or assistance, contact Margerie Law.
- Alerting necessary parties of the death. It is the responsibility of the executor to notify relevant financial institutions and government agencies that the decedent has passed away. This includes credit card companies and the Social Security Administration. Additional entities to notify include the post office, the deceased’s employer (if applicable) health insurance and life insurance companies, and the local election board.
- Distributing property to heirs. Shortly after the executor files the will with the probate court, they should determine who inherits property and notify all parties. Assets that are not left to a specific beneficiary will need to be donated or otherwise disposed of.
- Paying debts and managing incoming funds. The executor should plan to open a bank account to house any incoming funds on behalf of the deceased. The executor is also responsible for settling debts and paying incoming bills, such as a mortgage and utilities, throughout the probate process. Finally, the executor must file income tax returns on behalf of the deceased from the beginning of the current year until the date of death.
- Taking inventory of the estate. Once the will has been filed with the probate court, the executor must compile an inventory of the estate and submit it to the court. This includes a detailed list of the estate’s assets along with their estimated value and details about “existing obligations,” like a mortgage or car loan. Most probate courts require this inventory to be filed within 6 months of the estate being opened. Once again, an attorney can help with this important step.
- Maintaining property until the distribution is complete. If the deceased left a home, car, or other property that needs to be maintained, that is the responsibility of the executor until the asset is handed off to the beneficiary.
- Represent the estate in legal matters. If the will is contested or is required to go through a complicated probate process, the executor may be required to represent the estate in court. This is another area where consulting with an experienced attorney can be extremely helpful.
- Fulfilling all duties honestly and impartially. The role of executor is complex, requiring a lot of time, patience, and attention to detail. Added to this is the fact that a person has died, so emotions may be running high. An executor must manage all these factors with integrity, ensuring that the estate is executed in a way that honors the wishes of the deceased.
Whether you have been chosen to fulfill the role of executor, or are just starting the estate planning process, having an experienced attorney on your team is important at every stage. Here at Margerie Law, I am committed to helping individuals and families navigate the estate planning process so their wishes are fulfilled and futures are protected. Give me a call today to get started.
