Common Concerns of First-Time Executors
Many people do not know what to expect when serving as an executor for the first time. In many cases, first-time executors must juggle time commitments while also learning how the process works. While an experienced attorney can help you prepare to fulfill your role as an executor, it also helps to understand some of the most common concerns and obstacles that first time executors end up facing. Common Duties of Executors An executor is commonly responsible with handling the finances of a deceased person. Some of the tasks that executors often must perform include: Locating, reading, and understanding the deceased person’s will Notifying financial agencies of the deceased person’s death Deciding the type of probate that is necessary Representing the estate in a court of law Creating a bank account for any incoming funds as well as any ongoing bills Filing an inventory of the estate’s assets with the court Maintaining the property until it can be either distributed or sold Paying any debts or taxes accrued by the estate Distributing assets in accordance to the wishes expressed in a will Personal Liability Issues It is important to understand that an executor is held personally liable for any action [...]