Is it difficult to be an Administrator/Executor of an Estate?
I get this question a lot and the answer is always "it depends." It depends on the size of the estate, the type of assets that need to go through probate, and how much you really knew about the deceased. I always tell people that they need to treat their duties as the Administrator/Executor of an estate as at least a part time job because there are court mandated deadlines to meet and possibly a considerable amount of work involved.
As an Administrator/Executor, you will be responsible for, at a minimum, the following things:
Find the will, if there is one
Find out if there are any safety deposit boxes
Gather as much information about the assets as possible
Take action to protect assets of the estate if there is any risk present to those assets
File initial application to qualify as Administrator/Executor
Publish and/or send notices to creditors
Identify all debts of the decedent and decide whether to pay or reject each claim
Open the estate's bank account and keep records of all account activity
File state and federal taxes for the deceased
File a fiduciary tax return if necessary
File 90 day inventory with the Court
File the annual accounting with the Court
Distribute assets to the estate's beneficiaries and obtain receipts from beneficiaries
File the final accounting with the Court and close the estate
This is a very basic list of the duties of an Administrator/Executor. There are many issues that can come up during this process, and it is sometimes helpful to have an attorney help you navigate the process. Please contact us if you have questions about the administration process.