Russ Cook & Associates, PC

What are the duties of the executor of an estate?

While being chosen to be the executor of a loved one's estate is an honor, this role is a very important one with a lot of tasks. The following are just some tasks that are involved in estate administration in Tennessee.

First of all, an executor needs to locate the deceased's will and admit it into probate. An executor has to amass all of the assets of the deceased. It is important not to forget to check the deceased's safe deposit box, if they had one, to makes sure to collect any assets inside.

An executor also has to locate all of the deceased's financial accounts. In addition, there may be valuable items in the deceased's house that need to be collected. This process can be made more difficult if the deceased hid assets.

If the deceased had any securities, these need to be transferred to the executor's name so that they can make sure that dividends and interest are still being accumulated for the heirs. Inventories must also be made of any real estate the deceased owned, along with information regarding any taxes, leases and mortgages there may be.

If the deceased had any rental properties, these properties must be managed. Property that is not located in North Carolina must be administered. If anyone owed the deceased money, this must be obtained. If there are any life insurance proceeds, these must also be obtained. Finally, an inventory of all of the deceased's property must be made.

After that, the deceased's assets must be appraised. If there are any liquidity needs, these must be attended to. Claims against the deceased's estate must be paid, as must any taxes. Income tax returns must be filed. Other tax issues involving estate taxes and inheritance taxes must also be attended to.

In addition, the executor must create a statement containing information on all of the estate's receipts and disbursements. If there are any legal costs, these must be paid. Finally, the estate assets must be handed down to the deceased's heirs.

This list is not all-exhaustive and is not meant to serve as legal advice. Those who have been appointed executor of an estate may be well-served to carry out their duties with the help of an attorney, who can ensure that all proper laws and regulations are adhered to and that the administration of the estate runs smoothly.

Source: FindLaw, "Checklist: The Executor's Role," accessed July 4, 2017

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