What is an executor of an estate responsible for?
Full Question:
Party A dies of a heart attack. Party B is named as the executor. Party B does not know what it means to be the executor and is not sure what needs to be done. What is Party B responsible for as the executor?
01/05/2007 |
Category: Wills and Estates |
State: Alabama |
#137
Answer:
First, the executor must locate the will and contact beneficiaries as soon as possible. The executor is also responsible for taking steps to collect and protect the property of the deceased, and confirm all assets and debts of the estate. The executor should pay any liabilities, satisfy any testamentary gifts and distribute the residuary estate amongst those entitled as directed by the will, generally informing each beneficiary of his or her entitlement by letter. Lastly, the executor is required to keep full and accurate records of all transactions from the date of death to the conclusion of the administration.