This will be the person who controls and manages all your assets that you leave behind and will have a legal obligation to carry out your estate plan.  Your executor will secure all your assets, make investment decisions if necessary and file your final tax return.  It is important for you to choose the right person to be your executor, and to consider the person’s competency and age, availability and location, trustworthiness and dependability.  Here are some of the basic duties bestowed on an executor and some things to keep in mind when choosing one.

1. Arrange the funeral, cremation or burial (you will need 8-10 original death certificates).  Obtain the ID, credit cards and most recent Will of the deceased (need 8-10 copies of the Notarized Will).  Cancel the following on behalf of the deceased: driver’s license, cable, telephone, memberships, credit cards, subscriptions, or leases.  Determine if there are any pre-authorized payments coming out of the deceased bank accounts.  These accounts will need to be closed, and a new bank account opened specifically for the estate.  Close out their safety deposit box if they had one.
2. Provide the beneficiaries named in the Will with a copy.  Arrange storage of valuables and important documents.  If the deceased had private insurance, advise the company of the death and arrange payment of any amounts owing under their policies.  Life insurance proceeds should be paid to the beneficiary or the estate account.
3. Collect all debts or payments owed to the deceased, including promissory notes, corporate accounts, or accounts receivables.  If the deceased was a business owner, obtain a copy of the partnership or shareholders agreement to determine the estate’s rights, responsibilities, entitlements and liabilities.
4. Redirect the deceased’s mail to the executor’s address.  All real estate should be transferred to the executor and any mortgagees will need to be notified.  Contact all financial institutions to have investment accounts transferred into the executor’s name.  Consider which assets should be sold or liquidated.  Keep impeccable notes and run everything through the new estate bank account.  Apply for and fill out the application for the survivors’ benefit for eligible dependants.  Determine the deceased income for the year until death, capital gains/losses and tax obligations in or outside the USA.  Prepare and file all necessary income tax returns to the date of death.  Request clearance certificates from all relevant tax authorities.  You may also need to file an estate income tax return.  Please seek professional advice since rules vary by state.

Christine’s Tip:

Death is not a nice topic to discuss, but one that is necessary.  If you are a business owner, have specific wishes, or simply feel that your estate would be better handle by a professional, you could choose a trust and estate service that are available at most financial institutions.  Without the stress, grief and emotion, a trust company can carry out all necessary executor duties.