You may feel honored to be named the executor of a will for a family member or friend, but you also need to understand the scope of responsibility that comes with the title. An executor of a will is required to fulfill a number of duties and obligations according to federal law, state law and probate court regulations.
Keep Records
The executor of a will is required to organize records of the deceased person's estate, which may include real estate, personal property, homes, investments and other finances. Records need to be accurate, clear, and available upon request to any beneficiaries of the will, according to EstateSettlement.com.
An executor should list all assets of the deceased, including stocks, pension funds, government investments, bonds, bank account information, and the like. If the deceased was involved with any partners or shareholders, the executor must contact the estate lawyer to determine a course of action, as the regulations may be complicated, according to the website EstateSettler.
Make Notifications
The executor is responsible for making sure that the deceased person's creditors and life insurance agent are notified with an official copy of the death certificate. Any other people with financial connections to the deceased should also receive a copy. Executors are required to place an ad in local newspapers making a death notification so that any creditors may respond.
Pay Debts
The executor should pay all debts owed by the deceased, including credit card, mortgage, lease, and car payments; federal or state income taxes and property taxes due during the year of death; and any obligations with regard to child support or alimony payments. If the debts cannot be repaid with monies left behind by the deceased, it is up to the executor to notify each credit card company, lien holder, or individual owed money. No family members are held responsible for the deceased's debts, unless they've signed a legal document stating they will repay these debts, according to FindLaw.
Protect Property
Protecting the property of the deceased is a major responsibility of an executor. This means making sure the home is protected with locks; that fire and home insurance premiums are paid; and that cars, boats or other material objects are protected against theft or damage until they can be sold or dispersed according to the wishes of the deceased.
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