The appointed executor oversees the administration of an estate. This person fulfills the deceased’s wishes as outlined in the will. They are responsible for having the will probated, paying debts and estate taxes, and distributing all assets included in the estate.
An executor has a significant responsibility. This is a time-consuming role that requires completing various tasks. Choosing the right executor to do the job is critical. It should be a trusted individual who won’t have any issue carrying out their duties in the way that the decedent would have wished.
Understanding Fiduciary Duty
All executors have a fiduciary duty. That means they must act in good faith while administering a deceased individual’s estate. An executor has a legal and financial responsibility to carry out the deceased’s final wishes.
Anyone chosen to be an executor should know and understand their rights and responsibilities. You are not entitled to proceeds from selling assets. However, you might be entitled to a fee depending on the laws where you live.
Breaching a fiduciary duty could lead to civil or criminal penalties. For example, misappropriating property in an estate is a breach of fiduciary duty. A beneficiary could pursue legal action against the executor for compensation.
Duties of an Estate Executor
Executors have a range of responsibilities and obligations to carry out while administering someone’s estate. Aside from ensuring the timely and proper transfer of property to named beneficiaries, an executor might, if requested to do so by the decedent, also handle burial and funeral arrangements.
If the executor is to deal with final arrangements, the deceased should communicate with their chosen executor before their death to inform them of their final wishes. They should advise whether they want a burial or cremation. They should also indicate whether they would like a funeral service and wake, celebration of life, or another type of organized gathering.
The executor might have the original last will and testament and other documents or know where the deceased keeps them. The executor should know all their required duties to protect the deceased’s assets and family.
The most common responsibilities of an executor include:
- Locating all the deceased’s assets and having them valued
- Managing all property until distributing it to beneficiaries
- Informing creditors of the death and paying off the debt owed by the deceased
- File the will with the probate court to begin the probate process
- Wrap up necessary affairs, such as canceling credit cards and notifying banks of the death
- Contact everyone named in the will
- Pay all required estate taxes
- Transfer assets to the appropriate beneficiaries once the judge validates the will and authorizes its administration
If someone dies without a will, the court must appoint an administrator to manage the estate. Typically, assets pass to heirs of the deceased by intestacy laws. A surviving spouse, child, parent, or another family member in the line of succession often receives property when there isn’t a will.
Contact a Probate Attorney in Tampa Today
If you are the executor of an estate and want to learn more about your rights and duties, contact an experienced probate arttorney in Tampa immediately. We can advise you about how you should handle the probate and estate administration process. To schedule a consultation, contact our office at (813) 438-8503.