If you have found yourself responsible for administering an estate, you will undoubtedly have many questions. Acting as the executor of a will is a great responsibility that should not be taken lightly. Executors are held to a high standard of fiduciary duty and can be held personally liable if they do not uphold the integrity of an estate.
As executor, your responsibilities include:
- Managing the estate assets. This can include bank accounts, stocks and bonds, retirement accounts, and pensions.
- Taking an inventory. Within the first 90 days of opening an estate, the executor will want to obtain an accounting of all personal and real property owned by the decedent at the time of death.
- Notifying creditors of the decedent’s passing. If debts are owed, you may have to sell personal or real property to satisfy any outstanding claims.
- Notifying beneficiaries. Communicate with beneficiaries on a regular basis to keep them informed.
- Keep an accurate accounting. This will include any funds that have come into or out of the estate during the probate process.
Taking on the responsibilities of an executor is no easy task and may not come easily to some individuals. This duty requires time and diligence. It may be helpful to obtain the assistance of an estate attorney to thoroughly assess if you are up for the challenge or to allow you to take a step back and let a professional guide the way. If you have any questions or concerns about the process, please call us to set up a consultation with one of our estate administration attorneys.
Stott, Hollowell, Windham & Stancil
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