The Role of the Executor or Administrator

The Executor (named in a Will) or Administrator (appointed by the court when there is no Will) is the legal fiduciary responsible for settling the deceased person’s financial affairs. This role carries significant legal responsibility and is often complex.

Key Duties of the Fiduciary

| Phase | Executor/Administrator Duty | | :--- | :--- | | Beginning the Process | 1. File the Will with the probate court and apply for court appointment (called "Letters Testamentary" or "Letters of Administration"). | | | 2. Locate and secure all assets (e.g., changing locks on property, collecting mail). | | Asset Management | 3. Create an accurate inventory of all probate assets, including valuing them as of the date of death. | | | 4. Manage and protect assets (e.g., selling stock, maintaining insurance on a house). | | Debt and Tax Management | 5. Notify known creditors and publish notice as required by state law. | | | 6. Pay valid debts, administrative costs (funeral, legal fees), and any federal or state estate/income taxes. | | Distribution and Closing | 7. Prepare a final accounting of the estate for the court and heirs. | | | 8. Distribute the remaining assets to the beneficiaries named in the Will (or the statutory heirs if there is no Will). | | | 9. File a petition to close the estate with the court. |

Important Note

The Executor/Administrator is a fiduciary, meaning they must act in the best financial interest of the estate and its beneficiaries. They can be held personally liable for mistakes or intentional mismanagement. The role can be demanding, often requiring the assistance of an estate attorney and an accountant.