If you have been named the executor of someone else’s will, it is important that you understand the duties you are expected to fulfill. In fact, it is a good idea to review the responsibilities of an executor before accepting the job, as it is often an emotionally demanding and time-consuming task.
What is the role of an executor?
The executor of a will is a very important job. Typically, the person who is creating the will chooses someone they trust to take on this role, such as a spouse, child, sibling, or close friend. When the individual who created the will passes away, the executor must offer the will up for probate. Here, the Surrogate’s Court will establish whether they believe the will is valid and then they will give the executor their authority through Letters of Administration.
The executor will then start the process of handling the estate. They will have to work with estate administration attorneys, accountants, trustees, financial planners, beneficiaries, banks, creditors, the Surrogate’s Court, and more. The executor’s many responsibilities include the following:
- Collecting all of the decedent’s assets and keeping them safe through the administration process
- Determining the value of all assets
- Paying all of the estate taxes as well as any other outstanding debts the decedent may have
- Distributing all of the assets to the beneficiaries in accordance with the decedent’s will
- Provide an accounting to the court
- Closing the estate
If there are any will contests or probate issues that arise, the executor may have to work with an experienced estate administration attorney to handle these matters as well. If you have been asked by a loved one to act as an executor or you need assistance in your current role as an executor, please do not hesitate to contact the experienced attorneys at Zimmet Law Group, P.C. today.
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.