How to Administer a Last Will & Testament
The main responsibility of the executor of a last will and testament is to administer the estate of the decedent--the person who has passed away--such that the decedent's final wishes are carried out, especially regarding the distribution of property. It is a position of trust, and depending on the size and complexity of the estate, a task that ranges from straightforward to extremely complex. Often a close family member acts as executor, but an attorney or other professional is sometimes hired for a fee to be an executor.
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Things You'll Need
- An authentic copy of the decedent's will
- An accurate list of the decedent's assets
- Contact information for all beneficiaries of the will
Instructions
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Duties of an Executor
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1
Make an inventory of the decedent's assets and determine which of them may be distributed without probate--that is, without a probate court's say-so. Examples of assets that don't need to go through probate are real estate held by a husband and wife (it goes to the surviving spouse) and joint bank accounts similarly held. In the case of a simple estate of modest value, probate might not be necessary at all, or might be a streamlined version, depending on state law. The larger and more complicated the estate, the more likely there will be significant assets in probate.
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2
Notify various entities of the death, such as insurance companies, the Social Security Administration or the Department of Veterans Affairs, if applicable. The executor should also file final state and federal tax returns on behalf of the decedent if necessary.
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3
Read the will closely to determine which assets will go to which heirs, charitable organizations, or other entities. Draw up a list of these beneficiaries and their contact information. File the will with the probate court in the county where the decedent lived; that's probably a legal requirement even if there is no probate or the process is simple.
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4
Request permission from the probate court to pay all legitimate debts and continuing expenses owed by the decedent prior to his or her death, including taxes and funeral expenses, from the estate's liquid assets, or by selling real estate or other assets if necessary. This is especially important if there's any degree of complexity to the estate that will result in a lengthy probate process. Simple estates might only take a few months to be settled, but larger ones can take many months or even years.
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5
Once the probate court has approved the will, oversee the distribution of the decedent's assets according to his wishes.
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Tips & Warnings
For large or complicated estates, hiring an attorney to help is usually a good idea.
An executor has a fiduciary duty to act honestly on behalf of the decedent, and in good faith regarding the management and distribution of assets. To do otherwise is unethical and invites serious legal trouble.
