ARE YOU READY TO TAKE ON THE TASK OF ESTATE EXECUTOR?
Throughout your life, you may have felt as if you did well when it came to taking on necessary responsibilities. Though completing certain tasks may not have been particularly enjoyable, you likely carried them out nonetheless in order to achieve a sense of accomplishment. During these times, you possibly also felt the need to reach out to others in order to obtain the help you needed to ensure that your obligations were completed correctly.
If a loved one discussed the idea of your becoming the executor to his or her estate, you may feel compelled to take on the role. Whether your decision comes from a sense of loyalty, duty or genuine acceptance of the responsibility, you may still have questions regarding what this type of role will entail. Before agreeing to act as executor, you may wish to find out more information on the tasks you will need to complete.
Who can act as executor?
In general, a person could name almost anyone to take on the role of executor or personal representative. In some cases, like yours, an individual may choose a responsible family member, and in other instances, a party may wish to choose an attorney or financial professional to handle the sometimes tedious and time-consuming tasks. Though professional legal or financial knowledge is not required, the executor does have a duty to carry out the necessary tasks with honesty and diligence.
What does an executor do?
An executor has numerous specific duties that he or she must complete. Some of those duties may seem relatively straightforward, such as contacting beneficiaries named in the will, and other tasks may seem daunting, such as going through probate court proceedings. Nonetheless, the duties must be completed in order for the estate to properly close. Other probate-related tasks include:
Locating the decedent's assets
Filing the will with the probate court
Closing accounts
Notifying applicable agencies and businesses of the death
Paying debts
Attending to final income taxes
Depending on the specific nature of the estate, various other actions may also need completing. In order to ensure that you handle your responsibilities as executor as best as possible, you may wish to gain reliable legal information about your role. Because certain tasks, such as dealing with income taxes, can prove complicated, you may also want to consider seeking assistance from knowledgeable professionals.
Established in 1991, Rignanese & Associates is available to work with clients on their legal needs. Let us help you save time, trouble and money.
Rignanese & Associates is available to work with clients on their unique situation. Please reach out to us at our headquarters at 141 5th Street NW, Suite 300, Winter Haven, Florida 33881 at 863.294.1114.
On behalf of Kelly Kennedy of J. Kelly Kennedy, Attorney/CPA, PLLC, which has been acquired by Rignanese & Associates, PLLC.