Duties of an Executor
Collect Assets and Information:-
Locate original Will and file and/or probate in the Surrogate’s office
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Locate and inventory all of the assets of the estate, including:
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Bank accounts, pension benefits and retirement accounts, stocks and bonds, Social Security benefits, veteran’s benefits, vehicles, furniture, jewelry, and other valuable possessions
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Obtain death certificate, life insurance claim forms (if estate is beneficiary or if no living beneficiary), Social Security burial allowance if applicable
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Assemble deeds, abstracts, lease contracts, and insurance policies for each piece of real estate
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Locate names and addresses of all heirs, beneficiaries, and next of kin
Determine Debts and other Claims against the Estate:-
Determine current bills owed, such as doctor, hospital, rent, etc.
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Check status of decedent’s credit or debit accounts
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Research other debts that exist, e.g., mortgage, bank loans, life insurance loans
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Obtain receipts for every bill paid and keep a record of payments
Manage the Estate:-
Obtain Federal Tax ID# at www.irs.gov
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Set up an estate account
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Register stocks, bonds; arrange for collection of dividends and interest
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Have items of property appraised
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Calculate value of estate and probable state and federal taxes
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Determine and pay all necessary taxes, including state inheritance and estate taxes, if applicable
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Prepare estate’s income tax return in addition to the last income tax return of decedent
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Pay real estate taxes, if necessary
Distribute the Estate:-
Determine who is entitled to share in the estate
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Determine how the assets will be distributed
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Pay all final bills
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Transfer and re-register securities
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Prepared detailed accounting for heirs and beneficiaries of estate. If ordered by the court, also prepare formal accounting for court approval.