When you are named an executor in an individual’s estate, you have a significant duty to carry out the person’s wishes upon their death. Understanding an executor’s responsibilities during the probate process is imperative to ensure you are adequately prepared to fulfill your role. If you have questions or concerns about your responsibilities, reach out to a Middlesex County will lawyer today.

What is an Executor?

An executor, also called a personal representative, is an individual who is appointed to manage the estate of a deceased person, known as a decedent. The owner of the estate generally names an executor in their will, and upon their death, the individual takes on the role of handling the probate process and distributing assets to beneficiaries, ensuring that the deceased’s wishes are fulfilled.

What Are an Executor’s Responsibilities After an Individual Dies in MA?

The role of an executor is crucial and includes a variety of responsibilities. While serving as an executor is an honor, it is hard work and requires close attention to detail and a strong commitment to honoring the decedent’s wishes.

Some of the most important responsibilities of an executor include the following.

  1. Initiating the probate process: The executor must locate and file the decedent’s will with a probate court. This ensures the will is authenticated and gives the executor the authority to act on the estate’s behalf.
  2. Notifying relevant parties: There are various entities that must be made aware of the decedent’s death, like banks, insurance providers, employers, the IRS, the DMV, etc.
  3. Inventorying the estate: One of the most important duties the executor must do is to identify, inventory, and appraise the assets of the estate. They must make a list of all assets to determine the market value and prepare for distribution.
  4. Managing assets: The executor must maintain property and assets until they are distributed. This includes maintaining properties, paying bills and taxes, keeping up insurance, and more.
  5. Paying debts: Executors are also responsible for settling the decedent’s debts. They are required to pay medical bills, credit cards, mortgages, and more, as well as file a final income tax return.
  6. Distributing assets: Once debts and taxes are paid, the executor must distribute the remaining assets to the appropriate beneficiaries or heirs, based on the decedent’s will. This could include liquidating assets, transferring ownership of homes, dividing cash from bank accounts, and moving around investments.
  7. Closing the estate: One of the last things the executor must do is prepare a final accounting of the estate and file it with the court. They should provide evidence of all financial transactions that have occurred during the probate process, including receipts and the distribution of assets. When the court approves the final accounting, the estate can be officially closed.

To learn more about the responsibilities of an executor, reach out to an experienced probate lawyer today.