What does the executor of a will do?
As executor, you must ensure that the deceased person’s estate is handled according to his or her wishes. This is a complicated process which may include the following: • Starting the probate process • Obtaining the death certificate and a federal tax number for the estate • Filing the will and other legal papers with the probate court if the size of the estate requires formal probate • Taking an inventory of the estate • Managing the property of the estate • Determining the value of all banking, savings, mutual funds, and brokerage accounts at the time of death • Using estate funds to pay estate expenses. This may involve selling estate assets. • Paying any debts using estate funds • Filing for any applicable survivor benefits • Filing final local, state, and federal taxes for the deceased. This includes final income taxes and estate taxes.
