Duties of an Executor of an Estate
What Does It Mean to Be an Executor?
Serving as the executor of an estate (sometimes called a “personal representative” in Ohio) is a serious responsibility. The executor is the person named in a last will and testament to manage the deceased individual’s estate and ensure that their wishes are carried out according to the law. Even if the estate is small, an executor has many important duties, deadlines, and legal obligations. If these duties are not performed correctly, the executor can be held personally liable to the estate or its beneficiaries.
At Favret Law, we have over 30 years of experience helping executors understand and fulfill their legal responsibilities. Our goal is to guide you through each step of the process so you can handle the estate with confidence.
Key Duties of an Executor
The duties of an executor can vary depending on the size and complexity of the estate, but typically include the following:
1. Locate Important Documents
An executor must locate the original will and other important documents, such as life insurance policies, bank statements, and property deeds. If only a copy of the will is available, the executor may need to obtain the original from the attorney who prepared it. Executors will also need several certified copies of the death certificate to handle legal and financial matters.
2. Hire an Attorney for Guidance
While executors are not legally required to hire an attorney, mistakes in estate administration can be costly. Executors can be held personally responsible for errors in tax filings, creditor payments, or asset distribution. An experienced probate attorney, like those at Favret Law, can help executors avoid mistakes, meet deadlines, and comply with all probate court rules.
3. Apply for Probate
The executor must file the will with the probate court and apply to be appointed as the personal representative of the estate. The court will issue “letters of authority,” which give the executor legal permission to act on behalf of the estate.
4. Notify Interested Parties
An executor must notify all interested parties, including heirs-at-law, beneficiaries named in the will, and anyone who would inherit under Ohio law if there were no will. Proper notification is required by the probate court and ensures transparency throughout the administration process.
5. Prepare an Inventory of Assets
Executors must identify, locate, and document all assets owned by the deceased at the time of death, including real estate, bank accounts, retirement accounts, personal property, and debts. In some cases, the executor may need to recover property from others or hire an appraiser to establish asset values.
6. Manage and Protect the Estate’s Property
An executor is responsible for safeguarding the estate’s property from loss, theft, or damage. This may include maintaining insurance on real estate, securing valuable personal property, and ensuring any business owned by the deceased continues to operate.
7. Pay Valid Debts and Creditors
After identifying creditors, the executor must ensure that valid debts and claims are paid from estate funds. While the executor is not personally liable for the deceased’s debts, they must follow state law and the probate court’s rules for paying creditors before distributing assets to beneficiaries.
8. File Tax Returns
Executors are responsible for filing all necessary tax returns for the estate, which may include the deceased person’s final personal income tax return, estate income tax returns, and, in some cases, federal or state estate tax returns. Filing these returns accurately and on time is critical to avoiding penalties.
9. Distribute Assets to Beneficiaries
Once debts and taxes have been paid, the executor must distribute the remaining assets to the beneficiaries according to the terms of the will (or state law if there is no will). This may include selling property to satisfy bequests, transferring titles, or setting up any trusts required by the will.
10. Keep Accurate Records
Accurate recordkeeping is essential for an executor. Every transaction, distribution, expense, and item of income earned by the estate must be carefully documented. Executors must prepare a final accounting for beneficiaries and the probate court, showing how the estate was managed and distributed.
11. File the Final Account and Close the Estate
After the final accounting has been approved by the beneficiaries, the executor files it with the court for approval. Once the court approves the final account, the estate can be officially closed.
Why Executors Should Work with Favret Law
The role of an executor can be overwhelming, especially if you’re grieving the loss of a loved one. At Favret Law, our probate attorneys have decades of experience assisting executors and personal representatives with every step of the estate administration process. We help you:
- Understand your legal obligations
- Comply with all probate court rules and deadlines
- Avoid personal liability for mistakes
- Efficiently manage and distribute the estate’s assets
Whether you’re a first-time executor or handling a complex estate, we’re here to provide the guidance and support you need.
Contact Favret Law for Help with Executor Duties
If you’ve been named the executor of an estate in Ohio, you don’t have to manage the process alone. Contact Favret Law to schedule a consultation and learn how our experienced probate attorneys can help you fulfill your responsibilities with confidence.
