We know that executor is the person who distributes assets among family members or loved ones of the dead person. However, the expert has many other duties that are also important to accomplish. Scroll down and read what nine other duties they have!
- The first and foremost duty of an executor is to get the file of the will and keep it with himself or herself because it is the executor who should know about inheritor.
- An executor has to income taxes of the assets from the day it was owned by the late person till the last breath of the demised person. At times, they might have to pay the federal and state taxes both.
- An executor should inform the government agencies, banks, credit and debit card companies and all organization with whom the late person is related about his or her demise.
- An executor has to decide what kind of probate is required to distribute the assets. Some kinds of wills don’t require probate like joint wills but other require probate. If the probate is required, the distributor has to file petition in the court and take assistance of the attorney to execute the task.
- At times, an executor has to provide detailed document to the court that has all information about assets of demised person.
- Because executor has the task to distribute assets, therefore, he or she has to appear in a court as representative of the estate.
- The most important duty of a distributor is to keep the estate and its files with himself or herself until it is distributed. If the late person has deposit box or files of his or her assets then an executor should keep it with himself or herself till the process of distribution.
- The distributor has the task to pay remaining money and mortgages that are due on dead person from his or her account. They have to see if a demised person has bills and cheaque to pay. An executor has to pay them during the process of probate.
- The distributor can dispose the assets that is left after paying all taxes, bills and mortgages.
So these are nine important duties of an executor besides distributing properties and assets among members that are mentioned in the will. You can check out laws of Dubai wills and wills in Abu Dhabi to know the whole process of wills in detail.