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What it Means to be the Executor of an Estate

At one time or another, we will allLocate and secure the deceased person's
experience the loss of someone we love.assets and then sensibly manage them during
Dealing with that death is difficult becausethe probate process, which commonly takes
we are not only dealing with our ownabout a year. Depending on the contents of
emotions, but with those of family andthe will, and the financial condition of the
friends whose sorrow may be even more painfulestate, this may involve deciding whether to
than  our  own.sell real estate or securities owned by the
deceased  person.
You may also have the responsibility to act
as executor for the decedent's estate if youHandle day-to-day details, such as
are a spouse, a son or daughter. While it mayterminating leases, credit cards and other
be practical to say that everyone needs tooutstanding contracts, and notifying banks
make a will, put their 'final arrangements'and government agencies-for example, the
in writing and leave instructions for theSocial Security Administration, the post
heirs, I'm sure it wouldn't surprise us tooffice, Medicare and the Department of
learn that many people do not take thisVeterans  Affairs-of  the  death.
sensible approach. Consequently, after they
die, their family members and friends proceedSet up an estate bank account to hold money
in a state of semi-confusion trying to wrapthat is owed to the deceased person-for
up  the  decedent's  affairs.example,  paychecks  and  stock  dividends.
If you are an executor and find yourself in aPay continuing expenses-for example, mortgage
similar situation, take heart. There are nowpayments, utility bills and homeowner's
more options available to you than runninginsurance  premiums.
off to the lawyer's office. You have the
option to hire a lawyer to act as a coach andPay any debts that the estate is legally
have him answer your legal questions, do somerequired  to  pay.
research and review legal paperwork before
submitting them to the court or mailing them.The executor must also notify creditors of
the probate proceeding. State law will define
Other options include hiring a documentthe required method of notice. Creditors have
preparation service, like DocuPrepUSA, toa certain amount of time-usually about four
prepare the probate paperwork and the myriadto six months-to file a claim for payment of
of correspondence needed to wrap up theany bills or other obligations you have not
decedent's affairs. If you are thevoluntarily paid. The executor decides
do-it-yourself kind, you can also consultwhether  a  claim  is  valid.
some  books  written  for  non-lawyers.
Pay income taxes. Federal tax returns must be
The Executor's Handbook, by Theodore E.filed  for the year in which the person died.
Hughes and David Klein (Facts On File) is a
general but useful guide to an executor'sPay estate taxes if necessary. It is
duties. How to Settle an Estate, by Charlesunlikely, but state and federal estate tax
K. Plotnick and Stephan R. Leimberg (Plume)returns may be required. Only very large
also has general coverage of executor'sestates owe federal estate tax; for deaths in
duties, but the emphasis is on financial2001, if someone leaves less than $675,000
issues. So review your options carefully, andworth of property, no federal estate tax is
if you choose wisely, you will save yourselfdue. (And any amount of property left to a
and your family a lot of unnecessary expense.surviving spouse who is a U.S. citizen is
estate tax-free.) This exempt amount is set
There are many ways to establish your assetsto rise until it hits $3.5 million in 2009,
prior to death that would help your familyand the federal estate tax is scheduled to be
avoid the expense of probate. First andrepealed in 2010. However, the tax will
foremost, it will be the executor's task toreappear in 2011 unless Congress extends the
decide whether probate court proceedings arerepeal.
needed. However, probate is an entirely
different matter that needs to be address inMost states do not collect estate taxes of
another article. Let's look at some of thetheir own, but take a piece of the federal
duties we may not be familiar with that aretaxes due, if any. Some states impose
undertaken  by  an  executor.inheritance tax; rates depend on who inherits
the property. Check with your states' taxing
Giving  Noticeauthority.
Usually the Funeral Director orders as manySupervise the distribution of property-such
certified copies of the death certificate asas cash, personal belongings and real
you request. Sometimes, they even notify theestate-to the people or organizations named
Social  Security  Administration  too.in  the  will.
Here is a list of institutions that theWhen debts and taxes have been paid and all
executor needs to contact in order to learnthe property distributed to the
whether they want certified copies of thebeneficiaries, ask the probate court to
death certificate:a.) Every insurance companyformally  close  the  estate.
that insured the decedent (life, health,
auto, home)b.) Decedent's pension fundc.)Being an executor involves lots of details
Each credit card company used by decedentd.)and handling many mundane tasks. So, some may
Every financial institution (banks,think that being meticulous is the most
brokers)e.) Government agencies (Socialimportant attribute to look for when naming
Security, IRS, Medicare, Veterans Affairs)f.)the executor of your will. However, I think
Title company that insured decedent's realtrust is really the characteristic you want
estatefor  your  executor.
You can usually order extra copies of theOthers choose someone who stands to inherit a
death certificate from the bureau of vitalsubstantial amount of their property.
statistics in your state. If the decedentNaturally, a person with an interest in the
owned property in another state, then a deathoutcome is likely to be conscientious in
certificate may need to be recorded in themanaging your affairs after your death. When
county where that property is located. Inyou consider the alternative, that executors
many states, the death certificate isare only paid a small percentage of the
recorded  along  with  the  deed of transfer.estate (the exact amount is state regulated)
you will want to choose someone who will
Other  Dutieshonor their fiduciary responsibility and is
willing  to  do  the  job.
An executor has a number of duties, the
complexity of which depends upon the deceasedRef: Guiding those Left Behind in
person's estate. Typically, an executor must:Pennsylvania, Amelia E. Pohl, Esq. And Harold
N. Fliegelman, Esq.



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