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An executor is named to administer your estate upon your death. This person has obligations to creditors, interested taxing authorities and beneficiaries, who receive assets under the will. A simple estate may be settled in just a month or two; a complicated estate may take months, or longer if it's being contested.

Selection of an Executor

Selecting an executor can be a tough; the person you choose must appreciate the issues involved with their duties and carry out your wishes. They must be responsible, trustworthy and mature. Many people appoint lawyers, bank trust officers, and accountants as their executors.

Usually one person is chosen, but more than one executor isn't unheard of. Moreover, alternates should be named in case the first person is unable to do the job for any reason.

Some states place minimum age requirements on executors. Some states allow the court to disqualify your selection if it feels the person is unfit for the role. People can also be disqualified if they've been convicted of a felony. Know the person you select well.

Duties of an Executor

Typical duties of an executor are:

• File the will with the appropriate state probate court
• Petition the court for letters for proof that the executor has been legally appointed
• Request certified copies of the death certificate
• Assemble and inventory the estate's assets, including checking and savings accounts, real estate deeds, vehicle or boat titles, brokerage accounts, stock and bond certificates and other property
• Re-title property as necessary
• Manage and protect the estate property
• Pay any debts owed by the decedent at the time of death
• Open and inventory the contents of all safe deposit boxes
• Close bank or brokerage accounts that the decedent solely owned and open a checking account for the estate to pay the estate's debts and other obligations if needed
• Locate insurance policies and file claims for benefits
• Collect any money or other property due to the decedent
• Retain the services of professionals when required, including accountants, attorneys and financial advisors
• Maintain estate records, including records regarding receipts and disbursements, and file any required accountings
• File tax returns when required, including income tax returns for the decedent and the estate and state and federal estate tax returns, if required, make various tax elections, and pay any tax due
• Keep beneficiaries informed of actions taken on behalf of the estate
• Contact the nearest Social Security office about survivor benefits
• Close the estate after ensuring that claims against the estate are paid and distribute the remaining assets to the beneficiaries

Removal of an Executor

Executors who fail to perform the duties of the position or who have a conflict of interest with the estate may be petitioned for removal from the position. This request must come from someone who has a stake in the estate and that person must present evidence that removal is necessary. The executor does get a chance to show why they shouldn't be removed if the courts accept the possiblity that the person may not work out.

Payment for Services Rendered

Most executors are entitled to compensation for the services provided for administering an estate. Fees for their services are established by the will or state law.

Questions for Your Attorney

• When is it better to select co-executors over a single executor?
• What type of evidence do I need to get an executor removed?

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