What are the requirements of an executor?
What are the requirements of an executor?
There are many responsibilities associated with being an executor. These include notifying all creditors and government agencies of the decedent's death. The executor also needs to make sure all debts are paid and that all estate assets are paid for. This includes the estate bank account that holds the deceased person's paychecks and stock dividends. The estate bank account can be used to pay for ongoing expenses, such as mortgage payments and homeowner's insurance premiums. If the deceased left behind assets, the executor also needs to notify all creditors.
Executors must be competent, organized, and detail-oriented. While an executor can hire a professional to do some of the work, it is best to be involved at every step of the process. There are laws governing compensation for executors in every state. These compensations can range from an hourly rate to a flat fee or a percentage of the estate.
An executor must file tax returns and deal with various government agencies. A final income tax return covering the period from the beginning of the tax year to the date of the decedent's death must be filed. In some states, executors also need to file state estate tax returns. The executor is also responsible for ensuring the proper distribution of the deceased person's property. The property will go to those named in the deceased person's will, as well as those entitled to inherit under state law. They must do this with the highest degree of honesty and integrity, as they have a fiduciary duty to the deceased.
If you have any questions or need a Probate Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
