Access to this page has been denied because we believe you are using automation tools to navigate the website. Developed by PerimeterX, Inc. By consulting with appropriate professionals when necessary to determine the legitimacy of an invoice or debt, an executor is responsible for paying the bills and debts owed by the deceased with funds found in the estate. An executor is also responsible for ensuring that income and wealth tax returns are prepared and filed by the appropriate professional.
The executor of a will must formally request the court to open an inheritance and grant the executor letters of will. These letters give the executor the legal authority to act on behalf of the deceased. The substitute court clerk can provide the executor with many forms necessary for the administration of an estate and can be a valuable source of information for a first-time executor. Depending on the size of the estate, if there is more than one executor, executors may need to share commissions.
If the executor has any doubts about the applicability of such agreements or the terms of the will, it is his responsibility to take the matter before a judge and let the judge decide. Often, the executor will distribute certain assets, such as furniture and jewelry, long before estate management has been completed. The executor is responsible for paying all of the decedent's outstanding income taxes and arranging for the preparation of his or her final income and gift tax return. One of the responsibilities of an executor is to use estate funds to pay for funeral and burial expenses.
Since major estates often have to make complex tax choices on an estate's tax returns, it is very important that the executor enlists competent professional help. The executor is also responsible for paying income tax and filing income tax returns for any income earned from the estate during the course of administration. If the decedent has made any promises or agreements during their lifetime, the executor must also determine if the obligations are binding and, if so, must ensure that the estate complies. The executor of a will is the person (s) named in a valid will by the deceased to carry out the wishes of the deceased regarding the disposition of their remains (body) and their affairs.
You should also keep a record of the financial concerns of the estate and any expenses incurred as part of your role as executor. The executor may be allowed to notify creditors of the probate case at a different time than the beneficiaries and heirs. If you are looking to name an executor in your will, make sure you choose someone you trust, as they will oversee all estate planning and the management of your finances after you have died. The executor of a will must notify all interested parties (heirs, creditors and immediate family members) of the probate procedure.
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