As an executor, if you choose to hire a lawyer to help you with executor’s duties, the estate will pay for the legal fees. An Executor must keep accurate financial records, including copies of all receipts, as well as a record of time spent in administering the estate. It is important to consider the responsibility of the position before agreeing to take on the role. The executor is entitled to be reimbursed for any estate administrative expenses she might pay out of her own pocket. (For more information, see Nolo's Estate Tax … Yet at least one extended relative balked at her taking the fee specified in the will — 2 percent of the estate's value. To file this return you will need to get a tax identification number for the estate (called an employer identification number or EIN). While one of the most important responsibilities of an executor is to distribute the estate's assets according to the terms of the will, there are a number of additional responsibilities that an executor must complete before distributing an estate's assets. The Executor is now required to file a new 7 page Estate Information return within 90 days from the date of Certificate of Appointment of Estate Trustee was issued. An executor should be on the lookout for mortgages, utilities and similar bills that still need to be paid throughout the probate process. Your executor must be: at least 18 years old, and; mentally and physically capable of serving -- that is, not judged incapacitated by a court. If the estate does need to go through probate, the executor will have to work with the court (and possibly a lawyer) to make a real itemized valuation of the estate. When creditors submit claims, the executor must pay the claims, provided the claims are valid and approved by the Register of Wills. Over time, a percentage tariff system has become the default method for calculating executor compensation. This is absolutely essential where the executor is also a beneficiary under the Estate. Protect Property and Pay Bills. An executor must always keep his or her own money and affairs separate from those of the deceased estate. For example, a Florida estate worth $500K would yield $15K in executor fee: use the EstateExec compensation calculator. The Executor is now liabale for up to 4 years after the date of filing this EIR. Beneficiaries who are unhappy with the executor have the right to request that the court remove the executor and appoint a new one. So even someone who is willing to take on the job of wrapping up an estate might not qualify under state law. For example, the executor may have to determine how to deal with money invested in the stock market until the final settlement of the estate, a process which may take up to a year to complete. The executor has numerous duties and responsibilities while serving in this role. In many states, the court requires the executor to submit a detailed inventory of the assets in the probate estate… If there’s nothing left after that or the liabilities of the estate exceed the assets, the beneficiaries won’t receive an inheritance. But there is an exception to these rules: if you are the only heir, you must accept the role of liquidator. Generally, you can serve as an executor unless you: Basic Rules for Executors. She wanted to honor her friend's dying wishes by being executor but felt guilty about accepting payment. The executor must also pay income taxes and file an income tax return for the year in which the person died. The executor of estate is held accountable for undertaking instructions and desires laid out in a will. Acting as an executor can be highly demanding and time-consuming. The person who died will normally have told you if you’re an executor. Depending on the complexity of the Estate, the amount of work involved, and the factors listed in the Surrogate Rules, an Alberta Court will likely validate an Executor compensation amount that falls somewhere within the range of percentages outlined in the table above. This professional will consult you at each stage of the process and keep you informed of the status of the file. Contact Kahane Law to learn more ( or read this most about various professionals that can help executors ) about how we can help you seamlessly navigate through the estate administration process and help you probate the estate. First , the Executor must be able to satisfy the Court and beneficiaries that the estate has been administered properly. 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