Executor of a desceased person’s Estate
What are the duties?
Typically, an executor must:
- Find the deceased person’s assets and manage them until they are distributed to inheritors.
- Decide whether or not probate court proceedings are needed. Probate FAQ.)
- Figure out who inherits property.
- File the will (if any) in the local probate court. Finding and Filing the Will.
- Handle day-to-day details.
- Set up an estate bank account.
- Use estate funds to pay continuing expenses.
- Pay debts. Notice to Creditor of Death.
- Pay taxes.
- Supervise the distribution of the deceased person’s property. Nolo.com
Common pitfalls include …
buying assets for yourself or a family member from the estate or trust, whether at market price, American Bar Assoc
the duty of care,
requires a fiduciary to carefully manage trust or estate assets.
“prudent investor rule,” which requires a fiduciary to use reasonable care, skill, and caution in managing assets. An executor or administrator is held to a “prudent man” standard, which is lower than a “prudent investor.”
Assets must be sold at proper prices and on proper terms.
Duty of Impartiality
A fiduciary must not favor any beneficiary over another.
the fiduciary must treat himself no better than any other beneficiary. Lindlaw.com
Related Pages inSection
- Beneficiary under 18? Is that permitted?
- Charitable Remainder Trust
- Estate & Gift Taxes
- Executor – What are the duties?
- Health Care Directives
- Living Trust
- Sample California Will – Where does your stuff go?