What is an executor's responsibilities?

In California, the executor of an estate is the person appointed to administer the estate of a deceased individual. The executor’s responsibilities are extensive and include, but are not limited to, the following: • Gathering and filing all of the estate’s assets, such as checking accounts, stocks, bonds, life insurance policies, taxes, etc. • Notifying all creditors and paying off any debts owed by the estate. • Taking an inventory of the assets of the estate and keeping a detailed list of all money received and disbursed. • Filing the necessary court documents in order to open a probate case, if required. • Appearing in court, if necessary, to represent the estate. • Obtaining a court-appointed appraiser to value all of the estate’s assets. • Distributing the estate’s assets to the heirs, according to the terms of the will. • Keeping careful records and providing an accounting of all actions taken during the administration of the estate. In addition to the duties listed above, the executor may also be called upon to handle other tasks as necessary. It is important to note that the executor is held to a fiduciary standard, meaning that they must exercise reasonable care when dealing with the estate and that they must act in the best interests of the estate’s beneficiaries.

Related FAQs

When is probate required for real estate?
Are there any restrictions on what an executor can do?
Who pays for the cost of probate?
What are the duties of an executor?
What is estate administration?
What is a probate bond?
How are assets valued for probate?
What is an executor's commission?
What is an irrevocable trust?
What is probate avoidance?

What is an executor's responsibilities?

Related FAQs

Related Blog Posts