Administrative Duties The executor must take control of and protect all of the testator's (the creator of the will's) assets until final distribution. Typically, a list of all assets carefully outlines the full extent of the testator's assets, including a value for every asset in the estate...
Administrative Duties The executor must take control of and protect all of the testator's (the creator of the will's) assets until final distribution. Typically, a list of all assets carefully outlines the full extent of the testator's assets, including a value for every asset in the estate...
Read More:What Are the Duties of the Executor of a Last Will & Testament? Gathering Assets One of the first responsibilities of a personal representative is to gather, inventory and take possession of all the assets that belong to the estate. How to take possession of a certain asset depends...
At the same time, helping to carry out your friend’s or loved one’s wishes can bring you a sense of comfort. If you’re considering taking on the job of an executor, be sure you understand your responsibilities. And if you’re not feeling up to the task, don’t be afraid to ...
An executor bond operates as a guarantee that the executor will perform his duties as required by law. If an executor mismanages the property, steals from the estate, or does something that impairs the value of the property, then the bond will compensate the estate accordingly. The executor ...
Obtaining an executor letter is the key to managing the financial affairs of the estate. One of the duties of the executor is to open a bank account in his own name and to transfer monies from the decedent’s bank accounts into it. A bank will only release funds if the executor can pr...
If you're thinking about naming co-executors, make sure they would be able to work together, Davis said. And be aware that the shared duties could make the process more complicated. "I usually recommend to clients that it's best to have one person in that role," she said. "There...
other fairly, consider a neutral party outside the family, like a lawyer. If the choice is to have multiple executors, understand that this will result in incremental time coordinating with each other. Finally, if you are one of multiple executors you can formally renounce your responsibilities....
places certain restrictions on who may serve as an executor as well as the duties and standards for the executor's performance. Understanding the guidelines for executors in Indiana will help you make an informed decision on who to appoint for carrying out these important probate responsibilities. ...
Consider the complexity of the estate, whether you have the time to devote to the immediate responsibilities, and the multitude of duties that will come into play when the individual who wrote the will, referred to as the testator, passes away. ...