Are they financially and administratively inclined?.Do they possess integrity, objectivity, and good judgment?.Do they have the time to devote to estate administration?.When deciding who should be your executor, consider these questions: Such professional services are expenses for the estate and not for the executor personally.įinally, after the assets of the estate are collected, the debts and taxes are all paid, and any claims against the estate are settled, the executor can distribute the remaining value of the estate to the beneficiaries according to the instructions in the will.

Where appropriate and necessary, the executor can enlist the help of an accountant or lawyer to help with tax returns or legal issues that may arise. In such cases it’s important to resolve all outstanding estate debts before making a final distribution to beneficiaries.Īt various points in the estate administration process, the executor may find that professional help is required. However, an executor can be found personally liable if the estate assets are distributed to beneficiaries before payment of all estate debts.

Generally, the executor is not personally liable for the deceased’s debts or any financial obligations of the estate. Should any claims be made against the estate (for example, dependent’s relief), the executor must remain neutral when working towards a resolution. Contacting various third parties can be important and time-consuming to make sure all bills are paid, accounts closed, and insurance claims are made.īefore distributions can be made, it’s important for the executor to address the deceased’s creditors and complete all tax returns. 1 Assets-including financial, physical, and personal effects-will need to be accounted for and safeguarded on behalf of the estate’s beneficiaries. The executor may be part of making funeral arrangements and collecting important documentation like the deceased’s will and tax returns.

The process starts when a person passes away. As a starting point, our Checklist of Executor’s Duties provides a robust list of tasks for your reference to help keep you on track. The duties of an executor can be broad and span multiple years. Other continental Europe Wealth and Asset ManagementĪmerica Offshore Wealth and Asset Management United Kingdom Wealth and Asset Management United States Wealth and Asset Management

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