- Finding a copy of the will and filing it with the appropriate state court
- Informing third parties, such as banks and other account holders, of the person’s death
- Locating assets and identifying debts
- Providing the court with an inventory of these assets and debts
- Maintaining any assets until they are disposed of
- Disposing of assets either through distribution or sale
- Satisfying any debts
- Appearing in court on behalf of the estate
Responsibilities and Obligations of the Executor or Administrator
When a person dies with a will in place and no trust, an executor is named as the responsible individual for winding down the decedent's affairs. In situations in which a will has not been prepared, and there is no trust, the probate court will appoint an administrator. Whether you have been named as an executor or administrator, the role comes with certain responsibilities including taking charge of the decedent's assets, notifying beneficiaries and creditors, paying the estate's debts and distributing the property to the beneficiaries.
In some cases, an executor may also be a beneficiary of the will, however he or she must act fairly and in accordance with the provisions of the will. An executor is specifically responsible for: