Estate Executor's Duties During the Probate Process
This diagram will help you understand your role as you handle and finalize the affairs of the estate. It shows the probate flow of events.
An easy to read paragraph version follows this diagram.
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The Ten Most Important Steps In the Probate Process in the eyes of an Executor or an Administrator
The Executor or Administrator (...the PR) of your estate will have the following 10 key responsibilities to carry out and finalize your estate.
Estate Executor’s Duties During the Probate Process
This is an easy to read paragraph version of the diagram shown above.
10 Key Elements
1. THE EXECUTOR READS YOUR WILL
• Expedites your burial instructions.
• Meets members of your family and other interested parties who desire aid and information.
• Confers with your attorney who drew the Will and persons familiar with your financial affairs.
2. THE EXECUTOR SAFEGUARDS YOUR ASSETS
• Takes such immediate protective measures as are desirable prior to appointment as executor.
• Looks to insurance and protection of both real and personal property.
• Secure knowledge of your ongoing business interests.
• Examines all your books and files.
• Gives notice of your death to banks, safe deposit companies and others.
3. THE EXECUTOR PETITIONS THE COURT FOR PROBATE OF YOUR WILL
• Obtains proof of heirship.
• Locates witnesses.
• Through attorney for estate, petitions for probate of Will and, from time to time, applies for all necessary court orders for administration of estate; an appointment as executor, files oath of office, order in administration of estate; an appointment files oath of office.
4. THE EXECUTOR ASSEMBLIES AND INVENTORIES ALL OF YOUR ASSETS
• Takes proper steps to collect policies of life insurance. Secures tax waivers and collects all cash.
• Inventories and appraises household goods and effects, removing valuables to vault.
• Presses all claims for amounts due, locates evidence and witnesses on contested claims.
• Arranges proper supervision and management for your ongoing business interests.
• Obtains custody of securities. Collects all interest and dividends.
• Inspects condition, leases, taxes and mortgages of real estate, and arranges for management.
5. THE EXECUTOR PROCURES APPRAISAL OF ALL OF YOUR ASSETS
• Gathers complete and satisfactory evidence of the value of all assets at the date of your death.
6. THE EXECUTOR ADMINISTERS YOUR ESTATE
• Governed by the wishes expressed in your Will, the requirements of your estate, and the local probate law.
• Gives special study to valuable collections; determines method and time of sale for articles not bequeathed; makes a careful estimate of amount of cash to be raised for payment of taxes, legacies, and expenses of administration and of probable net estate for distribution.
• Gives exhaustive study to your business interests and determines policy of continuance, liquidation, or sale with due regard to expressions in your Will.
• Carries out or adjusts incomplete contracts.
• Makes comprehensive review of market conditions for each security to decide which should be sold first, if necessary to meet taxes, expenses, claims, and specific bequests.
• Investigates all real estate from standpoint of earnings, market, and desirability in case circumstances require its sale.
7. THE EXECUTOR MAKES ALL YOUR TAX RETURNS
• An intricate and involved procedure in which particular forms of information and returns must be prepared and filed with each taxing body.
• Pays your income taxes.
• Pays your inheritance and estate taxes.
• Attends to Income Tax for part of year prior to your death.
• Files return and pays tax for part of year after your death.
• Ascertains and pays inheritance tax in state of residence; obtains waivers for transfer of securities.
• Arranges for necessary proceedings to release securities of property located in other states.
8. THE EXECUTOR SETTLES ALL PROPER CLAIMS
• Makes careful survey of all possible tax claims to see that no further liability exists upon review by the government.
• Publishes notice to creditors; obtains all available evidence regarding propriety of each claim filed, resists all improper claims; pays out of estate funds all approved and allowed claims.
• Files preliminary notice, prepares return, and pays both State Inheritance and Federal Estate Tax.
9. THE EXECUTOR DISTRIBUTES YOUR PROBATE ESTATE
• Prepares data for final account showing in detail all receipts and disbursements; notifies interested persons of hearing on account, after settlement of account by court, distributes remaining property of your estate as directed by court.
10. THE EXECUTOR OBTAINS FINAL DISCHARGE
• After final payment and distribution to legalees and devisees, secures final discharge as an executor.
See Diagram Above: Estate Executor’s Duties During the Probate Process >>