What are my duties as executrix of my mother's estate?
Full Question:
My mother named me as executrix of her estate. Can anyone else take care of any duties of her estate?
01/31/2007 |
Category: Wills and Es... ยป Probate |
State: North Carolina |
#1094
Answer:
A personal representative (executor or executrix) is assigned to deal with
and be held accountable for the assets of the decedent, with the help of the
courts and other professionals such as accountants and lawyers.
The personal representative will be responsible for all aspects of the estate,
and duties include:
Determining the assets and estate left by the decedent and forming
an inventory of the assets
Deal with any valuations required on any of the assets left by the
decedent
Opening a bank account through which any financial dealing
pertaining to the estate can be dealt.
Ensure that any payments that are due to the estate are received
(such as insurance dividends, salaries, any other income)
Checking whether the decedent had any insurance policies that are to
be paid out, and providing the necessary paperwork and details to the
insurers to ensure that the money due is paid to the estate.
Getting in touch with the employer or former employer of the
decedent to check whether there are any monies due to the estate in terms
of unpaid salary, benefits or insurance policies.
Looking in to and taking responsibility for any legal action in which
the decedent was involved at the time of death.
Determine which beneficiary gets what from the estate left by the
decedent
Determine whether the decedent had an liabilities, and if so contact
the creditors to give them notice to make their claim from the estate
Check the validity of any claims made against the estate of the
decedent
Ensure that all valid claims are paid from the estate of the decedent,
including funeral bills and outstanding taxes as well as other liabilities to other
creditors and administration costs associated with disbursement of the
estate
Ensuring that relevant authorities and organizations are informed of
the person’s death (e.g. landlords, utility companies, social security etc.)
Ensuring that the assets and property of the decedent are kept in a
good state of repair until they are disbursed to the rightful beneficiaries.
Ensure that the remainder of the estate is distributed in accordance
with the wishes of the decedent.
The job assigned to the personal representative can often be a complex
one, and they are responsible for all aspects of the will from valuations and
inventories to disbursement and claims made against the estate.
The personal representative has to take control of all of the assets belonging
to the decedent so that the estate can be properly and legally dealt with.
