Duties of an Executor

Collect Assets and Information:

• Locate Will and file and/or probate in the Surrogate's office
• Locate and inventory all of the assets of the Estate including:
  • Veteran's benefits social security benefits, pension benefits, stocks and bonds, automobiles, furniture, jewelry, and other possessions.
• Obtain Death Certificate, life insurance claim forms, social security burial allowance (if applicable).
• Assemble deeds, abstracts, lease contracts, and insurance policies for each piece of real estate.
• Locate names and addresses of all heirs, legatees, devisees and next of kin

Determine Debts and other Claims against the Estate:

• Determine current bills owed, doctor, hospital, rent etc.
• Check decedent's charge accounts
• Research other debts that exist, mortgage, life insurance loans, bank loans etc.
• Obtain receipts for every bill paid and keep a record of payments
• Publish legal notice against the estate in newspaper

Manage the Estate:

• Set up an estate account
• Register stocks, bonds; arrange for collection of dividends and interest
• Have items of property appraised
• Request allowance from court to support deceased's family
• Determine and Pay all necessary Taxes:
• Calculate value of estate and probable state and federal taxes
• Determine if administrative expenses should be charged against income taxes or estate taxes
• Prepare estate's income tax return in addition to the last income tax return of decedent
• Decide how funds will be raised to pay taxes
• Prepare inheritance tax returns
• Prepare federal inheritance tax forms
• Pay personal property or real estate taxes if necessary

Distribute the Estate:

• Determine who is entitled to share in the estate
• Determine how the assets will be distributed
• Pay all final bills etc.
• Transfer and reregister securities
• Prepare detailed informal or formal account for court