Most people are honored to find out that they have been appointed as the Executor for someone’s will. However, there seems to be a near-universal underestimation of what that role entails. Below is a list of tasks that need to be on every Executor’s radar screen as they work their way through the probate administration process. The list is by no means exhaustive. The purpose of this post is not to provide a collegiate-level seminar on how to manage an estate. The goal is to help you appreciate what the job entails before you appoint an Executor in your Last Will & Testament. As you will see, this is not a role in which everyone will thrive, and you should avoid appointing the wrong person.
Collect Assets. Figure out if the decedent had bank accounts, investment accounts, retirement funds, life insurance, real estate, automobiles, valuable personal effects, etc. Then take control of those assets.
Real Estate. Lock up and secure the property, make sure the heat is on to avoid frozen pipes and continue to pay insurance premiums until it’s turned over to the beneficiaries.
Cars. Keep them locked and don’t let anyone drive them while they are in the estate. If someone drives them around and gets into an accident, then the estate may be in trouble.
Personal Stuff. There’s a chance that the decedent’s tangible personal property (a.k.a. “stuff”) could be an important issue to address. In most cases, the family doesn’t care about any of the stuff and a majority of it gets donated or thrown out, or the family peaceably distributed everything without the need for the Executor’s involvement. But every once in a while, World War III will break out over a family heirloom (often an item that has little-to-no financial value). So, the Executor should quickly figure out if any items fall into this category. If so, it should be secured right away before someone walks off with it
Last Income Tax Returns. Connecticut and Federal income tax returns are still due April 15th even though the taxpayer has died. Hopefully the decedent had an accountant that prepared prior returns and he/she can help you with this task.
Keep the Peace. A sudden financial windfall can bring out the worst in people and it’s not uncommon to have an Executor who is forced to deal with beneficiaries who are complaining about some aspect of the probate administration (how long the process is taking, whether the sale price for the house is fair, who gets the photo album, etc.). So, it’s up to the Executor to be a good diplomat and keep everyone happy, or at least happy enough to avoid litigation.
Deal with the Probate Court. In the world of probate, it’s like an employer-employee relationship in which the Probate Judge is the employer and the Executor is the employee. This means that the Executor is accountable to the Judge and must ask for permission to do certain things, such as selling real estate (unless the will waives the need for court approval). It also means that the Executor can be “fired” by the Judge if she doesn’t fulfill her responsibilities. So, it’s important to dispel yourself of a common myth about probate; the Executor is not the boss. The Judge is.
Again, this is just a short list of many (not all) tasks for the Executor to address during the probate administration process, which usually takes several months. So, when you are preparing your last will and testament, pick an Executor with the right temperament and skill set. You should also make sure that person is aware of what the job entails and agrees to take on the role.
DISCLAIMER: This blog does not offer legal advice, nor does it create an attorney-client relationship. If you need legal advice, consult with a lawyer instead of a blog.
