- The named executor in a will is responsible for administering the wishes of the deceased. An executor has a fiduciary obligation to execute the will efficiently, and tends to the details associated with the deceased's estate: She must close credit card and bank accounts, terminate Social Security payments and notify Medicare of the deceased's passing. The executor also discontinues all government agency affiliations and commercial accounts.
- The executor enlists a tax professional and an accountant to assist in administering the will, depending upon the complexity of the deceased's estate. The executor must ensure that real estate and other taxes remain current while the estate is being settled. Before distributing assets to heirs, the executor must pay all outstanding debts of the deceased in full. In some cases, the executor must sell portions of the estate in order to settle these obligations.
- The executor of a will must keep mortgage payments current and maintains the deceased's property until the estate is settled. The role of property owner is assumed by the executor if a rental property is involved; a management company may be hired to oversee the property. Executors must obtain an evaluation from an appraiser if the values of real estate and personal property are in question.
- Executors must file a final tax return on behalf of the deceased. In addition, the executor must take the will through probate court, if necessary, and learn the provisions of the state in which the deceased last resided. A will is not sufficient in avoiding probate; to aid in the probate process, the executor can hire an attorney if one has not previously been retained.
- The executor distributes the assets to the estate's heirs after all debts are settled and all evaluations are concluded. This must be completed in a timely and fair manner in order to administer the wishes of the deceased. Individual circumstance determines the the type of compensation, if any, that is provided for executors---a percentage of the proceeds of the will can be offered as payment for the executor's services.
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