Individuals tasked with carrying out a deceased person’s Last Will are referred to as an Executor. They are responsible with handling all present and previous financial transactions made by the deceased individual. Tasks include distributing all of the deceased assets to all named beneficiaries in the Will.

 Pay all Debts

Executors are responsible for overseeing that all debts incurred by the deceased are paid. All expenses, fees and taxes during the process are cleared and expenses maybe charged from the person’s assets. Beneficiaries also have the option for paying existing debts and expenses to keep all assets intact.

Distributing the estate

When all debts and expenses are cleared, the executor is tasked with distributing all remaining portions of the deceased estate to all qualified beneficiaries stipulated in the Will.

Notifying all Beneficiaries

The Executor is responsible for locating and communicating with all individuals and entities in the Will.

Caretaker of the Estate

Executors are charged with taking care of all remaining assets, investments and properties of the deceased. Responsibilities include application of insurance and making sure that all beneficiaries are not unduly stressed while waiting for the Wills execution.

Location and Identification of all assets and liabilities

All remaining assets of the estate are accounted for and an estimate on the estates value is made after deducting all debts and liabilities. All properties values must be documented and recorded. 

Accomplish all Income Tax returns

Included in the deceased person’s debts and liabilities are outstanding income tax returns. Executors must accomplish all forms and clear all outstanding payments.

Setup Trusts

Tasks include setting up trust funds for beneficiaries under 18 years or those with mental disabilities or physical impairments which render them incapable of making decisions. These trusts require years of administration, sometimes covering the remainder of the beneficiaries’ life.

Helpful tools and information on Probate Law: Adrian Philip Thomas, Public Attorney serving people in For Lauderdale, Florida.