The role of the executor of the estate is a huge responsibility. The executor is responsible for fulfilling the testator’s last wishes after they pass away and settling their estate.
However, being the executor of someone’s estate is not always easy. Failing to fulfill the duties of the executor can lead to a breach of fiduciary duty. An executor’s fiduciary duty is to always act in the best interest of the estate and beneficiaries. A breach of fiduciary duty can lead to serious legal implications.
It can help to understand what responsibilities the executor may need to fulfill to settle an estate. Here is what you should know:
Obtain the will and death certificate
There are two major documents the executor may need to obtain soon after the testator passes away. These documents include a valid will and death certificates. The will is used to instruct how the testator’s estate should be managed. Several copies of the testator’s death certificates may need to be obtained to show to interested parties.
Submit the will to begin the probate process
The executor’s duties are typically fulfilled during the probate process. The probate process begins once a probate court approves the valid will. The probate process may last for several months to over a year.
Notify beneficiaries and other interested parties
Once the probate process begins, the executor can contact beneficiaries to notify them of their inheritance. Other parties, such as the testator’s bank, insurance companies and debt collectors may also need to be notified of the testator’s passing.
Pay taxes and debts
One of the duties of the executor is to pay any remaining taxes and debts the testator may have left behind.
Distribute assets
Typically, the last step of the probate process is the distribution of assets. To help ensure the executor fulfills their duties and settles the estate properly, they might need to reach out for legal guidance.