What Is An Executor's Duty?
Preparing to be the executor of an estate can be an intimidating and mammoth task and those unprepared can easily find themselves daunted.
What are the duties of an executor?
Duties of an executor involve corresponding with other parties, keeping meticulous records, filling out forms and being answerable to creditors, beneficiaries and the intentions of the deceased, as recorded in the Will.
Executors' duties include the following:
• Taking an inventory of the deceased's possessions and debts
• Notifying and corresponding with all relevant organizations to gather together all the assets
• Paying all bills, debts and charges on the estate
• Searching for any unclaimed or missing assets
• Distributing the legacies (whether specific items, cash sums or residue)
• Preparing and distributing estate accounts to interested parties
• Distributing the residue of the estate to the beneficiaries
• Following the testator's wishes as closely as possible.
• Identifying and dealing with any claims against the estate
• Completing inheritance tax returns and paying any inheritance tax due
• Completing any income and capital gains tax returns and paying any outstanding tax