An executor is a person designated by law to oversee the probate process after someone dies. ... executor named in the decedent’s will or an attorney. Get the information and legal answers you are seeking by calling (626) 385-6303 today. The deceased’s will names an executor to manage the estate’s administration. Executor or Administrator Responsibilities. Depending on state law, probate will generally open within 30 to 90-days from the date of death. A court must then officially appoint the executor before they can start their duties. An executor is the legal personal representative of a deceased person's estate. Basic duties of the executor or administrator include: Completing an inventory and valuation of all assets and debts There are quite a few things an executor of estate needs to be aware of going into their duties. Call for a free assessment of your needs (626) 385-6303. In broad terms, the executor passes on inheritances and pays off debt per the decedent's wishes and any applicable laws. An executor is the person responsible for managing the administration of a deceased individual's estate. banks, that the Executor has authority to act on behalf of the estate. File the will. Each state has its own laws concerning executor fees. Although the tasks required to administer an estate will vary according to the exact nature of the estate, the following is a list of the more common duties for the executor or administrator: These activities generally will be conducted on behalf of the decedent by a person acting in a fiduciary capacity, either as executor (in some states called a personal representative) or as trustee, depending upon how the decedent held his or her property. In such cases, the person died without leaving a will, or it did not name an executor. The duties performed by an administrator are essentially the same as an executor. Certified copies of these Letters are needed by the Executor to prove to 3rd parties, e.g. The executor and administrator essentially have the same responsibilities for administering the estate and overseeing the probate process. Learn about the requirements. As a first step, it is helpful to know the meaning of a few common terms: Yeah, don’t miss this all-important first step. An administrator could be somebody the court appoints to manage the affairs of a company. Washington state, for example, provides that executors are entitled to “reasonable" compensation. Determine Your Priority for Appointment. Probably the most important duty is to ascertain and take possession of the deceased person's property over which the executor or administrator has responsibility or control. These basic steps will show you how to file for executor of an estate without a will: 1. The executor will take possession of any valuable assets while the estate is being evaluated. The reason for this is because the Executor is typically granted additional responsibilities within a Will, while an Administrator of Estate is guided by state law. Appoint someone as an estate administrator. The generic term for executors or administrators is personal representative. Probably the most important duty is to ascertain and take possession of the deceased person’s property over which the executor or administrator has responsibility or control. If there is no Last Will and Testament, the closest relative is entitled to apply to the court to become the administrator of the estate. Both the Executor and Administrator of Estate must report to probate court, though Executors generally have more power when handling assets. In each case, the alternate executor or a court-appointed administrator can take on the role. Home Wills usually name an executor, or an administrator, who is responsible for carrying out the instructions in the will. Duties and Responsibilities of an Executor General Responsibilities of an Estate Administrator When a person dies a probate proceeding may be opened. Being chosen as an executor is both an honor and an obligation. Although the authority to act cannot be granted until a petition for probate has been filed, it is wise to try Contact Us for a Free Consultation 403-209-4988. The executor accounting to beneficiaries is a critical part of the executor’s duties—and it must be done properly. ... How to Best Perform the Duties of Executor of Estate. Additionally, the court may appoint an administrator if the named executor cannot or will not act. Although the time and effort involved will vary with the size of the estate, even if you are the executor of a small estate you will have important duties that must be performed correctly or you may be liable to the estate or the beneficiaries. WHAT ARE THE BASIC DUTIES OF AN EXECUTOR OR ADMINISTRATOR? If you fail to perform your duties as executor, you may be exposed to liabilities associated with any losses to the estate. Get Help Now. The executor or administrator can be one person or several people. After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly. In this determination, a court may consider factors such as the complexity of the estate and issues involved, and the time the executor spent carrying out the duties, among others. act as Executor. If there is no will or the executors named in a will do not wish to act, an administrator of the deceased's estate may instead be appointed. For more information on Duties Of An Administrator Or Executor, a free initial consultation is your next best step. Before accepting, you should be sure you understand what you're getting into. 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