Note in our previous blog, we explained the Probate Administration process. And, understanding it plays an important role in understanding Probate Executor responsibilities. In fact, an Executor, as named in a decedent’s will, must be the one overseeing the estate. They must typically initiate the probate case and play a primary role throughout the process, with the court system. They must do that through closing the estate.
In some of the first steps, an Executor typically opens the probate case, within a few months of the decedent’s passing. In that way, they stay on top of things, not letting the estate go fallow and vulnerable due to lack of handling. The Executor should file all the appropriate legal documents for the case. Then of course, they must act in accordance with the will and court orders. An Executor’s role at this stage can often be referred to as a fiduciary duty. Simply put, they have a fiduciary duty to the estate to act in its best interest.
Understanding Probate Executor Responsibilities Well
Understanding Probate Executor responsibilities means also knowing about the duties involved in accounting. The Executor must inventory and appraise the estate’s assets. And, they must see to the disposition and liquidation of them. Then in order to take care of such things, from start to finish, it may behoove an Executor to hire professionals. In fact, that may often be the case, in the best interest of the estate. It may be the case for a variety of processing needs down to the final sale and closing of a probate property.
Executors are entitled to reasonable compensation for their work on the estate. But it is not uncommon for them to ask for none, if they will inherit from the estate already. And speaking of heirs, the Executor must also keep any informed of the estate’s status through the probate process. Then once the probate case is formally closed and only then, does the Executor’s duties come to a conclusion.
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