Being chosen as the Executor of an estate shows that the decedent thought of you as a trusted friend or family member. However, settling the affairs of someone who has passed away is a huge responsibility. In this post, we discuss some of the main things you need to do as the executor of an estate.
The duties of an Executor sound simple enough: distribute the deceased’s property and arrange for the payment of debts and expenses. And if this was a TV show the whole thing would be done in less than 60 minutes, family disputes and all.
In reality, carrying out the provisions of a Will through probate is a complex process. Family dynamics can make the probate of an estate miserable for the Executor. Family members may drain bank accounts, steal and sell probate property, and cart away family heirlooms. As the Executor, you must manage the estate’s investments wisely and account for what was done with the decedent’s assets during the estate administration.
Here are just a few of the responsibilities of an executor:
- An executor finds the deceased person's assets and manage them until they are distributed to estate beneficiaries.
- An Executor decides whether or not formal probate court proceedings are needed.
- An Executor figures out who inherits what property under the Will and follow Connecticut law on the distribution of estate property. Keep in mind that a Will only controls property the decedent held in his or her sole name without a designated beneficiary.
- An executor must handle day-to-day details. Settling an estate may include terminating leases and credit cards and notifying banks and government agencies about the death of the deceased.
- An Executor sets up an estate bank account. Use estate funds to pay debts, as well as continuing expenses such as utility bills, mortgage payments, and homeowner's insurance premiums.
- An Executor pays taxes. An Executor must file a final income tax return, an estate tax return and an estate income tax return.
When you’re in the midst of grieving for a loved one, the idea of stepping into legal shoes can feel overwhelming. The task list is huge and the risk of making a significant mistake (like improperly distributing the decedent’s property) is very real.
As the Executor of the estate, you are responsible for everything that can go wrong. You owe a fiduciary duty to not only the estate beneficiaries but also the decedent’s creditors! In the midst of your personal grief, you are suddenly the peacekeeper, a detective, and an officer of the court. It’s a sad reality but the battles you fight here can permanently damage your family relationships.
Why You Should Hire Cipparone & Zaccaro for Estate Settlement
If a Will names you as Executor, speak with an attorney at Cipparone & Zaccaro, PC.
With more than 100 years of combined experience, our attorneys can assist with:
- The entire probate process
- Petitioning the courts to appoint you as the estate executor
- Assuring the estate property is properly managed
- Preparing the estate tax return and the income tax returns
- Accounting to the court for your management of estate assets
- Resolving disputes with family members
Please call our office today at (860) 442-0150 today so we can explain your options as Executor of a Will.
