Executor of Estate - Personal representative Licensed Fiduciary
What is an Executor?
What is a Personal Representative?
When someone dies, those closest to the deceased are faced not only with grief and loss, but also with numerous tasks and responsibilities resulting from the death.
If the deceased had a Will, it will name someone to handle the estate of the deceased. This person is known under various terms: Executor (of Estate), Estate Administrator, Personal Representative. The executor's duty is the management and preservation of the estate for distribution according to the Will or the laws of the state.
Personal representatives are bound by law to protect and preserve the deceased person's assets and refrain from any self-dealing or any actions that could be construed as such.
When someone dies without a Will or the named executor has died, is not available for health reasons, or refuses to act, the probate court will appoint a personal representative, preferably a family member. When there is no family member able or willing to accept the responsibility, the court will appoint a professional fiduciary.
Executor's duties during the estate administration depend largely on the size and type of the deceased person's estate. Small estates with no or few heirs can be fairly simple and closed quickly. Large estates with a variety of assets, such as real property, collectibles, antiques, investments, plus loans and other debts, or estates where names or location of heirs are not known can be quite involved and time consuming.
Here are some of an executor's most common duties:
- Secure personal possessions and real property
- Make burial arrangements
- Notify relatives
- Locate and inventory all assets
- File inventory list with the court
- Find out if there is a Will
- Manage investments in a prudent manner
- Identify, locate, and notify legal heirs and other beneficiaries
- Locate and notify creditors and verify any obligations
- If there is no will, determine the heirs according to law
- Consult with accountants and attorneys regarding taxes
- Collect any current income and income not received
- Pay allowable claims against the estate
- Prepare accountings or financial reports
- File tax returns and pay estate and/or income taxes
- Distribute property to the rightful heirs
- Sell real estate or transfer to heirs if applicable
- Manage decedent's business if applicable
- Sell or transfer business to heirs if applicable
- File periodic reports with the probate court
- Close the estate
If you or your family are looking for an experienced executor please call me. I guarantee that the affairs of the deceased are handled in an efficient and timely manner with compassion and respect for the deceased and his family.
Call: 602-334-4084
Licensed fiduciary in Scottsdale Executor or Personal Representative. Serving clients in all Phoenix metro cities: Paradise Valley, Glendale, Peoria, Surprise, Sun City, Sun City West, Phoenix, Mesa, Chandler, Gilbert, Tempe, Ahwatukee, Cave Creek, Care Free, Fountain Hills.