Estate Executor Duties
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Executor of Estate Duties
Explanation of Estate Executor Duties pertaining to the Will, Funeral, Death Certificate, Probate, Pension, Insurance, Assets and Liabilities, Advertising for Creditors and the Deceased's Income Tax Return. Step by step instructions for executor duties with respect to handling the estate from start to finish.
Legal Assistance - Estate Executor Duties
2012-01-29
It is recommended that an Executor hire legal counsel, however, if the estate is relatively simple and the Executor has some past experience and feels he/she does not need to probate the estate, then it may not be necessary to hire a lawyer. One can obtain books on how to avoid probate and how to execute an estate.
If it is felt the Estate is too complicated to handle, it is recommend that the Executor obtain legal counsel for:
* advice on Executor duties
* opinions about the meaning of the Will
* advice and execution of means to locate a Will, if there is no apparent Will
* drafting legal documents ie. deeds and other conveyance documents
* probating the Will, if necessary - the sooner the Will is probated the sooner you have legal access to distribute the estate. Applying for probate includes completing a number of documents to be filed with the courts.
* preparing documentation with regard to distribution of the Estate
All reasonable legal fees are paid by the Estate.
If it is felt the Estate is too complicated to handle, it is recommend that the Executor obtain legal counsel for:* advice on Executor duties
* opinions about the meaning of the Will
* advice and execution of means to locate a Will, if there is no apparent Will
* drafting legal documents ie. deeds and other conveyance documents
* probating the Will, if necessary - the sooner the Will is probated the sooner you have legal access to distribute the estate. Applying for probate includes completing a number of documents to be filed with the courts.
* preparing documentation with regard to distribution of the Estate
All reasonable legal fees are paid by the Estate.
Filing of Income Tax Returns
11-12-27
Payment of any income taxes owing are paid by the estate. Executor duties involve filing the Income Tax Return(s) for the Testator, including any assets that must be sold and become taxable after the Death.
Note: Part of Executor duties is to pay particular attention to when assets are sold and/or disposed in a new taxation year. If this occurs, another income tax form would need to be filed and any applicable taxes paid.
The deceased's capital gains or losses as of the date of death must be determined. If the surviving spouse or spouse trust receives the entire estate, it is possible that no capital gains tax will be payable until that spouse dies.
The executor duties are to ensure that all debts, fees, services and incomes taxes be paid prior to distribution of the proceeds of the Estate to the Beneficiaries.
Note: Part of Executor duties is to pay particular attention to when assets are sold and/or disposed in a new taxation year. If this occurs, another income tax form would need to be filed and any applicable taxes paid.
The deceased's capital gains or losses as of the date of death must be determined. If the surviving spouse or spouse trust receives the entire estate, it is possible that no capital gains tax will be payable until that spouse dies.
The executor duties are to ensure that all debts, fees, services and incomes taxes be paid prior to distribution of the proceeds of the Estate to the Beneficiaries.
Executor Duties and Responsibilities re Assets and Liabilities
11-11-27
The executor duties for handling the estate are to arrange the Funeral, take possession of all documents to ascertain assets and liabilities, take interim possession of all property, have the Estate Probated, if necessary, pay all debts and distribute the property and all other assets of the Estate to all Beneficiaries in a timely fashion.Consult with a lawyer. This may be the lawyer who drew up the Will; otherwise it may be necessary for the executor to retain a lawyer.
The executor duties are to prepare a complete list of all the assets and liabilities as well as their value at the time of death including cash, securities, jewelry, real estate and other valuables such as contents of safety deposit boxes.
Request that the estate lawyer search the title to all real estate in which the deceased had an interest. Determine the value any real estate, such as cottage property, farm, commercial, or investment property; this might entail hiring a Real Estate Appraiser. Check leases, mortgages and taxes. You will be responsible for payment of all mortgages, taxes, utility bills, etc. until the property is sold, including realtor and legal fees related to sale of property. Provide for continuing management and insurance of investment properties.
Quicken WillMaker
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Only assets and liabilities that make up the estate must be listed. Assets that pass outside of the estate by right of survivorship under joint tenancy or designation of a beneficiary do not have to be listed. The executor duties are at all times to account for the estate assets.
The Executor duties and responsibilities are: the protection of all assets under the Estate including real estate; this includes theft, fire, loss and any other destruction. If you fail to preserve the assets you can be held liable. One way to protect the assets of the estate is to take them into your possession. This should be done with any valuable assets including important documents. Secured storage and or insurance for these assets are recommended. If the deceased owned a business you must arrange for continued, proper management as well as review any investments and collect any income from such items as stocks, bonds, rents or other investments.
Advertise for Creditors
11-10-30
It is very important to 'advertise for creditors' to legally protect yourself, as the Executor, from becoming personally liable for future claims. This only protects you as the Executor, however the Beneficiaries can still be held liable. The Executor duties are to 'Advertise for Creditors' in the local newspaper, where the Deceased resided and/or did business, announcing the Death and leaving an invitation for all those who feel they have a claim on the Estate to contact the Executor and send their claims to you for settlement.
Executor Duties with respect to the Will and Death Certificate
11-10-07
The Executor of Estate (an Individual or Trust Company), must obtain a copy of the Last Will and Testament of the Deceased immediately after the death of the Testator, if they are not in possession of the Will already.The executor duties are to ensure that the Testator's immediate wishes after his/her death are properly executed. If no such instructions are left, the Executor may consult with the immediate Family.
You must obtain a Death Certificate from the Funeral Home Director. The Death Certificate is a necessary document to prove the death of the Testator.
Duties of an Executor of a Will - The Will must be carefully read in order to determine certain aspects such as:
* notice to heirs and next of kin
* security of property and other goods
* assessment of cash needs for administration of Estate
* steps to be taken to meet the immediate financial needs of dependents - assets are immediately frozen until the Grant of Letters Probate is received. For immediate funds one should turn to any assets that pass outside of the estate which are not frozen such as joint bank accounts, properties held in joint tenancy or assets passing to a designated beneficiary.
If the deceased had a life insurance policy the designated beneficiary can immediately apply to have the benefits of the insurance policy paid directly to that beneficiary. Consult with a lawyer on these steps.
If there are no funds immediately available and the banks are unwilling to make alternate arrangements to help the survivors, the executor duties may entail arranging a loan for the survivor until the estate assets can be distributed.
As you can see, the executor duties with regard to handling an estate is a multi-faceted task.
What To Do When Someone Dies: A simple step-by-step guide for family members, personal representatives and executors with day-to-day time-lines and ... probate and financial topics are covered.
Amazon Price: $5.19 (as of 02/13/2012)
This comprehensive step-by-step guide is for family members, personal representatives and executors. With its checklists and day-to-day time-lines it will assist you to successfully administer and close an estate.
Wills, Trusts and Estate Administration
Wills, Trusts and Estate Administration (West Legal Studies)
Amazon Price: $19.94 (as of 02/13/2012)
Canadian Estate Planning
Where there's a Will...there's a Way...: An easy to read book on Canadian Estate Planning
Amazon Price: $22.06 (as of 02/13/2012)
Professional Tax and Financial Insights into a Temporary U.S. Lifestyle
Executor of Estate Fees
Executor Compensation
Executor Fees in United States and Canada:
All of this should be explained to you by the attorney, but for information purposes I have included this information.
I have shown the allowable executor fees for California, Florida and Ontario, Canada as a reference. For other states do a Google Search for - Probate Codes and add your State name to refine the Google Search.
The Executor Compensation information below is a guideline only.
California:
Info: Probate Code California.
Florida:
Info: The 2008 Florida Statutes
Ontario, Canada: Guideline only ~
An Overview of Estate Executor's Fees in Ontario.
All of this should be explained to you by the attorney, but for information purposes I have included this information.
I have shown the allowable executor fees for California, Florida and Ontario, Canada as a reference. For other states do a Google Search for - Probate Codes and add your State name to refine the Google Search.
The Executor Compensation information below is a guideline only.
California:
Info: Probate Code California.
Florida:
Info: The 2008 Florida Statutes
Ontario, Canada: Guideline only ~
An Overview of Estate Executor's Fees in Ontario.
Probate and Settle an Estate in Florida
executor of estate in florida
Probate and Settle an Estate in Florida, 6E (Legal Survival Guides)
Amazon Price: $22.51 (as of 02/13/2012)
How to Probate an Estate in California
duties of an Executor of a Will California
How to Probate an Estate in California
Amazon Price: $79.75 (as of 02/13/2012)
The American Bar Association Guide to Wills & Estates
The ABA Guide to Wills & Estates contains everything you need to know about planning an estate, preparing a will or trust, and minimizing inheritance taxes. It is organized in easy-to-follow chapters with sidebars containing tips, checklists, and key information.
Favin' or Flamin' Executor Duties - leave your comments here!
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nyclittleitaly
Jan 3, 2012 @ 11:45 am | delete
- Great lens, very informative
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kathysart
Dec 25, 2011 @ 10:12 am | delete
- Great info for someone in the position of being an executor. I'd love to see a lens on the rights of the family in regards to the executor, who can might show bias and not handle things properly. THUMBS UP and ANGEL BLESSED lens.
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pawpaw911
Nov 17, 2011 @ 8:49 am | delete
- I found this lens very informative, and I may refer back here, in the future, when I will be tasked with performing executor duties. Thanks.
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TLStahling
Oct 25, 2011 @ 1:53 pm | delete
- My friend who had very few assets named me Executrix (female version at the time). It was sweet cause he'd call me Trixie. But he did pass away. I consulted with a probate attorney and together, we did just fine. But I did need a little help and it wasn't too expensive.
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LaurenIM
Oct 6, 2011 @ 11:06 pm | delete
- I really respect those people who are left with the task of being the executor. Recently, my brother had to take on that task for my aunt. Most people don't understand what the position is and consequently, not only does the executor bear the burden of taking care of the estate but has to deal with negative innuendos of those who do not understand fully and who do not care to understand. Thank you for bringing forth much needed information. Hopefully, more people will understand what's involved.
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Executor Duties Links
- Estate Executor Duties and Liabilities
- The estate executor has primary responsibility for the administration of a deceased's estate.
- Executor Of Estate Duties
- Executor Duties
- Probate in California
- Probate in California
- California Law
- California Law
Legal Resources:
California Law (Codes & Statutes)California Law on the InternetCalifornia Probate Code
General Duties of the Executor in CaliforniaExecutor Checklist (This is a must-read for all Executors)Legal Forms:
California Judicial Legal Forms - Executor duties California - Probate & Trust Law in Florida
- Information written by Florida lawyer re: Florida probate, administration, and inheritance, including heirs, beneficiaries, and Executors
- Executor Fees: Ontario | Estate Lawyers | Ottawa Lawyers | Ontario Attorneys | Canadian Lawyers: Heydary Hamilton PC
- Overview of Estate Executor's Fees in Ontario
- What Happens if an IRA or 401k is Payable to the Estate Trust?: Estate Planning | eHow.com
- Individual retirement accounts (IRAs) and 401Ks should almost never be paid to an estate or trust because of how the IRS will tax the beneficiaries.
- Executor Duties Canada
- Canadian Capital Gains at Death
by MiaBellezza
MiaBellezza
I am a past Legal Assistant and former Executor of an Estate and have written this blog to assist others with their Executor duties and responsibilities. more »
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Executor Duties Book
How to Probate an Estate, Book
The Handbook on How to Probate an Estate
Amazon Price: $7.39 (as of 02/13/2012)
Neil J. Boyer is a practicing attorney.
