Duties of the Executor of a Last Will and Testament
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by: SchneiderLawOR
Word Count: 2389
Date: Tue, 31 Jan 2012 Time: 9:41 PM
When most people create their Last Will and Testament, they nominate a spouse, partner, child or parent as the executor of the Will without giving much thought to what the position of executor actually entails. However, once you understand the complex nature of the duties of an executor, you may decide to give a little more thought to the choice of the executor.
State laws determine which estates are required to pass through formal probate and which estates can be probated without the need for formal probate. If an estate requires formal probate, the duties of the executor will be numerous. Not surprisingly, the larger the estate and the more complex the assets or Will are, the more difficult the job of executor will be.
The job of executor starts by petitioning the appropriate court to open the probate of the estate. Along with opening the probate, all beneficiaries named in the Will, all known creditors, and the public at large are typically required to be notified of the probate. The executor is then required to identify, value and inventory all estate assets. This process may require expert appraisals and requires a report to be made to the court when completed.
Creditors of the estate are then given a specific time period to make claims against the estate. The executor must review the claims and approve or deny them accordingly. Any challenges to the Will by heirs or creditor disputes are also handled by the executor. Taxes, both of the decedent and the estate, must be filed by the executor and any tax obligations paid out of the estate assets.
The probate of even a moderate sized estate can take months to conclude. Only when all assets have been accounted for, all creditor claims handled and paid and all taxes filed and paid can the executor begin to transfer the remaining assets to the beneficiaries under the Will.
As you can see, the job of executor is often time consuming, and complicated. Be sure to give adequate consideration before choosing your executor.
About the Author
Experienced estate planning attorneys Portland OR of the Law Offices of Richard B. Schneider LLC offers estate planning and business planning resources to residents of Portland OR. To learn more about these free resources, please visit www.rbsllc.com today.
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