Trusts and Estates

The Responsibilities of Being an Executor

June 1, 2016

Before a person agrees to be an executor of an estate, he or she should understand what the role entails. While serving as an executor can be an honor, the role carries significant responsibilities, as well as possible liabilities if the executor fails to protect the deceased’s assets. This article highlights the various tasks required by an executor (known as a “personal representative” in some states), which include taking inventory of the deceased’s assets, protecting and distributing a deceased’s property that passes under his or her will, arranging for payment of debts and expenses, filing tax returns, and closing the estate. A sidebar explains how an executor is compensated.

Read More