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Collects Assets and Gathers Information
Administers (Manages) the Estate
Determines and Pays All Taxes
Distributes the Estate
What Your Executor Needs to Know About You
This information is of a general nature only. For specific legal advice and assistance, you should contact your own attorney.
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Collects Assets and Gathers Information:
Studies the Will
- Notifies the witnesses
- Meets with family members, attorney, and others to discuss provisions of the Will
Arranges for probate of Will (if applicable)
- Arranges for notice to creditors
- Asks post office to forward mail
- Notifies banks, investment brokers, and others
- Arranges for bond, if necessary
- Opens bank accounts for estate
- Discontinues telephone and other utilities when advisable
Assembles inventories and takes custody of assets
- Searches for assets
- Lists safe-deposit box contents
- Inspects real estate; studies leases, mortgages, and other contracts
- Has assets appraised for value
- Files veteran's claims, social security benefits, and life insurance payable to the estate
- Examines policies of insurance on real estate and personal property; has policies endorsed to the estate and coverage modified as necessary
- Obtains all canceled checks
- Studies decedent's income tax returns for previous three years
Determines debts and claims against the estate
- Collects all money and income due decedent or estate
- Examines each claim against the estate for validity
- Defends estate against any lawsuits
- Makes payment of approved debts and claims against the estate
To Duties Of Executor Index
Administers (Manages) the Estate:
- Financial matters
- Estimates cash needed to settle estate; selects assets to be sold to raise cash
- Collects rent and maintains real estate
- Bookkeeping
- Sets up bookkeeping records
- Examines business books and records
- Supervises family-owned business
- Legal business
- Meets with the attorneys
- Through attorney, files necessary documents with the court and arranges appropriate notices
- Requests allowance from court for support of decedent's family
To Duties of Executor Index
Determines and Pays All Taxes
Income taxes
- Files return for decedent
- Files estate income tax return during administration period
- Prepares for the audit by tax authorities of income tax returns filed by decedent
- Decides whether to take certain medical expenses as an income or estate tax deduction
Death taxes
- Considers whether living trusts or gifts made by decedent are taxable in the estate
- Files the federal preliminary estate tax notice
- Files state inheritance or estate tax returns as may be required
- Decides whether administration expenses are to be deducted from federal income or estate tax
- Files federal estate tax return and any other documents that may be required
- Determines claims against persons who receive property outside of the Will for their share of death taxes
To Duties of Executor Index
Distributes the Estate:
Determines who is entitled to share in the estate
Sells assets to raise cash
Determines distribution of assets
Pays all final costs
Arranges securities transfers
Prepares detailed final account for the court
Obtains and files receipts from all beneficiaries
What Your Executor Needs to Know About You
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You can be of great assistance to your Executor by providing him or her with the following information:
- Your legal name and permanent address.
- Address of your other residences, time you spend in each, and where you are registered to vote.
- Date and place of your birth.
- The social security numbers of you and your spouse.
- Your spouse's legal name
- The date and place of your marriage and place where your marriage license can be found.
- If married previously, name of former or deceased spouse; if divorced, place of divorce, whether contested, and who brought the action; if separated by agreement or court action, all details of the separation, including where your separation agreement can be found.
- A copy of a prenuptial agreement, if you entered into one.
- Names, addresses, and ages of your immediate relatives, and whether any are incompetent.
- Names and addresses of beneficiaries.
- A copy of any trusts you have or under which you are a beneficiary.
- Your accountant's and attorney's names and addresses.
- Your employer's name and address.
- A copy of documents related to a pension or any other employment benefits you are entitled to, and whether these benefits are payable on your death.
- List of your life insurance policies.
- List of real estate and any other assets you own.
- Approximate amount of your debts, including names and addresses of those you are indebted to.
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