Who thinks being an executor (or trustee) of an estate is a glorified and envied position? Have you always dreamed of being an executor and having that wonderful title – and I guess a few fees? Have you ever served as an executor or trustee and wished to never be in that role again?
In case you didn’t know it already, executors have many duties and responsibilities, including:
- Setting up a bank account for incoming funds and paying any ongoing bills;
- Maintaining property until it can be distributed or sold, and then distributing assets and disposing of other property;
- Dealing with the probate court – filing the will and an inventory of the estate’s assets with the probate court, and representing the estate in court; and
- Dealing with liabilities and taxes – providing notice to creditors, paying the estate’s debts and taxes, and, starting at the end of February, preparing and filing estate basis statements with the IRS and beneficiaries.