Fiduciaries - Executor/Personal Representative
An executor, also called a personal representative, is a person who is asked to administer the estate upon death. This person has obligations to creditors, interested taxing authorities and beneficiaries, who receive assets under the will.
The duties also include:
- Filing the will with the probate court.
- Re-titling of certain assets and/or property as needed.
- Pay any debts owed.
- Locate insurance policies and file for claims.
- File tax returns when needed.
- Distribute remaining assets to beneficiaries.
The role of executor should not be chosen or accepted without careful consideration, as they are in a fiduciary position with immense responsibility. It is also wise to name a contingent or alternative executor in the event the primary one dies prematurely. Also, note that a person can elect two or more executors if a situation arises and requires one, and also that an executor may be removed if they fail to perform the duties required.Trustee