Responsibilities of Being an Executor

The responsibilities associated with being the executor of a person's estate should never be taken lightly. Being an executor can involve a lot of work. In some cases, the executor may be called upon to arrange for burial or cremation ceremonies; search for such key documents as insurance policies and financial records; ensure that such on-going bills, such as mortgage and auto payments, are paid on time; and make certain that the deceased's properties are kept secure until disposed of, as delineated by the will or the court.

Therefore, the Better Business Bureau recommends that anyone who is asked to be the executor of another's will should sit down with that person and get as much pertinent information as possible before agreeing to undertake the task. For example,

• Find out whether or not the will has been properly prepared and where it is located. Keep in mind that there might be several versions of a will, but you need the most recent and legal version.
• Are there life insurance policies and, if so, where are they located? Are instructions for memorial services and either burial or cremation of the body specified in writing and are the costs adequately covered?
• What properties does the person own and what liabilities must be dealt with when the person dies?
• Ask the person to provide a list of all debts owed. This should include accounts for charge cards, property and income tax arrears, loan payments, and alimony payments, if any.

Be sure to keep copies of all records for at least two years. Also, keep receipts for all expenses you incurred. Generally, an executor is entitled to be reimbursed from the proceeds of the estate for expenses incurred in settling the estate.

This report is general in nature and not intended as a reliability report on any company, service or product.