It is only natural to feel honored and want to help if a loved one asks you to serve as executor of his or her estate. However, this can be a time-consuming role and taking it on comes with great responsibility. Therefore, it is important to understand the obligations of estate executors in Ohio and elsewhere before agreeing to serve as a family member’s personal representative.
Your first responsibility as executor of the estate upon your loved one’s passing is to collect his or her assets. This includes any property of value, bank accounts and the contents of safe deposit boxes. You are also charged with collecting any monies that are owed to the deceased. According to the Internal Revenue Service, you are then required to make a reporting of the deceased’s assets and debts to the agency.
After the decedent’s debts are verified, you must pay those creditors with claims against the estate. This may require you to liquidate some or all your loved one’s assets. As executor of the estate, you must also file and pay the deceased’s final income taxes.
Once all your loved one’s debts are paid, you are charged with distributing the remaining property to his or her beneficiaries or heirs. This may require you to locate and contact those named in the will, as well as to dole out the assets and personal items your loved one left behind in accordance with his or her instructions.
The information contained in this post is intended for general purposes only and should in no way be considered legal advice.
