Your Executor is the person responsible for gathering all your assets, paying the debts of your estate, and distributing the remainder to your beneficiaries pursuant to your Will. Your Executor will owe a fiduciary duty to the beneficiaries of your estate. Your Executor will also need to file various documents with the court as part of the probate process.
To be a bit more specific, your Executor will be responsible for the following duties:
- Gather and safeguard the property and assets of the estate;
- Create an inventory of the property in the estate;
- Submit inventories or accounts to the court as needed;
- Pay your debts and expenses (such as funeral and burial expenses, medical expenses, and credit card bills);
- Pay taxes as needed; and
- Distribute the remaining estate property to the beneficiaries named in your Will.