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by Dorothy PowellThe Role of an Executor
1...2..3..4..5A close friend has just asked me to be his executor. Before I accept this appointment, can you tell me what it involves. I assume it is a relatively simple task.
This job can be simple or complex depending on the clarity of the Will and the Estate Plan. Of course the size of the estate has some bearing on the matter, but even large estates can be relatively simple to administer with a well thought out plan prior to the death.
Your job as executor is to administer the estate and carry out the wishes expressed in the Will. Here is a summary of the duties of an executor:
1. Finding and reviewing the most recent will and arranging the funeral.
2. Identifying the deceased's assets and protecting them until final distribution.
3. Preparing a detailed inventory of assets and liabilities, and determining the estate's value.
4. Determining capital gains at the date of death, overseeing the preparation of a final tax return and requesting clearance certificates.
5. Arranging for probate of the Will, and if necessary settling all claims and debts.
6. Investing surplus cash and managing investments.
7. Distributing the assets to the beneficiaries along with a full accounting of the estate's administration.
For more detailed information please contact my office and ask me for a Checklist for Executors
