Responsibilities and Duties of Executors and Administrators
Overview:
When a person dies, his/her estate will likely go through the probate process, whether or not he/she left a will. During probate, the estate will be collected, debts paid, and remaining assets distributed to beneficiaries. The person handling the probate process is called an “executor” or an “administrator”. He/she is the executor if there is a will, and is an administrator if there is no will or no executor was named in the will. As an executor or administrator, you will have several duties and actions to consider:
You are also a fiduciary, which means that you have to act in the best interest of the estate, including an obligation to the estate’s heirs to properly preserve the assets.
You must keep the funds of the estate in a separate, clearly-named bank account and use it to pay creditors and do regular accountings to the court. You must list, document, and collect the decedent’s assets.
You must keep all bills and payments current as if you were the decedent.
