Who is responsible for administering an estate?

In Indiana, the individual responsible for administering an estate is known as the executor or "personal representative" of the estate. The executor is responsible for identifying and collecting the assets of the deceased person, paying any legitimate debts, and distributing the remaining assets as directed by the will of the deceased or, if there is no will, by state law. The executor is appointed by the probate court and is usually a family member or close friend of the deceased. In Indiana, the court may also appoint a corporate fiduciary if the deceased was a business owner. The executor is usually bonded to protect the estate, which means they must purchase a surety bond from an insurance company that will guarantee the performance of their duties. The executor is responsible for many tasks such as managing the assets of the estate, preparing and filing the necessary tax forms, filing the final accounting with the probate court, and ensuring that the wishes of the deceased are carried out. The executor must also contact all creditors, establish relationships with banks, and manage investments while the estate is being administered. The executor should consult with an attorney for assistance with any complex probate issues. In some cases, the executor may have to hire professional appraisers or other experts to ensure the estate is properly administered. The executor is also obligated to keep the probate court apprised of the administration of the estate. Once all of the estate matters are concluded, the executor may have to file a final report with the court.

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