February 2024 Newsletter

FEBRUARY 2024 NEWSLETTER

  Understanding the Role and Tasks of an Executor

The executor acts as the manager and guardian of the estate, making sure the deceased's wishes are executed according to their wishes in their will or trust documents. 

Here is a checklist of tasks to help the estate settlement process go as efficiently and fairly as possible.

1.  Locate the will and trust documents and file the death claim

Often, the first task an executor must do is locate the will and trust documents and simultaneously file the death claim.

2.  Initiate the probate process

The most important task of an executor of an estate is to initiate the probate process.

3.  Identify and assess the estate’s assets

One essential duty of an executor is to identify, locate, and appraise all of the deceased person's assets, including property, bank accounts, and investments.

4.  Pay outstanding debts and taxes

An executor is also responsible for settling the deceased person’s debts, loans, or bills from the estate’s assets before any distribution among the beneficiaries. Additionally, preparing and filing the final income tax returns for the deceased.

5.  Distribute assets among beneficiaries

One of the most critical tasks of an executor is to distribute the deceased’s assets among the beneficiaries cited in the will or trust. The executor must adhere strictly to the deceased’s wishes.

6.  Maintain property and records

Throughout the probate process, the executor must ensure that the property within the estate is appropriately maintained. As well as maintaining accurate records of all expenses, receipts, and distributions relating to the estate.

On a personal note, all of Nicky’s hard work, dedication, and perseverance has paid off. His dream of one day playing Division 1 college hockey has come true. Earlier this week he committed to Bentley University. Not only will he play D1 hockey, but he’ll further his education at one the best business schools in the country. It was an emotional week filled with such joy seeing my kid who has worked so hard, accomplish something so difficult. We are beyond excited and proud of him. There are only 64 Division 1 hockey programs in the country, with less than 3% of athletes making it to the Division 1 level, and he made it!!!! Thanks to all of you who were rooting for him. Lexi has a new job at the new Lovell Arena. She is in charge of the bowling alleys and golf simulators. She loves making money and is giving me $50 a month to put in her Roth IRA. She'll be shocked when she sees what that is worth when she is 60 years old. She had another phenomenal semester getting a 3.8 in AP courses. Lexi and I will be visiting schools this spring, I can't wait to make those trips with her. I am so proud of them both.

You can now check out the photos from our client Christmas party on our website. It was a great night had by all.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.