[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/what-does-an-executor-do-new-york-ny-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/what-does-an-executor-do-new-york-ny-white-plains-ny\/","headline":"What Does an Executor Do?","name":"What Does an Executor Do?","description":"\u201cMy aunt recently asked me to be the executor of her will when she dies. I\u2019m flattered that she asked, but I\u2019m not sure what exactly the job entails.\u201d Being asked to serve as the executor of a loved one\u2019s estate is flattering, but it is also a big responsibility and a lot of work. […]","datePublished":"2020-10-01","dateModified":"2023-07-29","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026bde95ecfa.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b026bde95ecfa.jpg","height":143,"width":200},"url":"https:\/\/www.amorusolaw.com\/blog\/what-does-an-executor-do-new-york-ny-white-plains-ny\/","about":["Estate Planning","Executor","Income Tax","Inheritance","Will"],"wordCount":490,"keywords":["Estate Planning","Executor","Income Tax","Inheritance","Will"],"articleBody":"\u201cMy aunt recently asked me to be the executor of her will when she dies. I\u2019m flattered that she asked, but I\u2019m not sure what exactly the job entails.\u201dBeing asked to serve as the executor of a loved one\u2019s estate is flattering, but it is also a big responsibility and a lot of work. As the executor, you are responsible for taking care of all of the financial and legal matters of the estate, explains the article “An executor\u2019s guide to settling a loved one\u2019s estate” from Review Times. The job could require a lot of time and, depending upon the complexity of the estate and the family situation, could be challenging.Some of the tasks include:Filing court papers to start the probate process to determine whether the will is valid.Making a complete inventory of everything in the estate.Obtaining an estate tax ID number, opening an estate bank account and using the estate funds to pay bills, including funeral costs and medical bills.If the estate includes a home, maintaining the home and paying the mortgage, taxes, etc.Terminating credit cards, notifying banks and government agencies\u2014including Social Security\u2014and the post office.Preparing and filing income tax returns for the last year of the person\u2019s life, unless they filed them already, and for the estate.Distributing assets, as directed by the will.Your first task is to locate the will and any important documents and financial information. You will need the will, deeds, titles, brokerage statements, insurance policies, etc..If the estate is complicated, you will want to work with an estate planning attorney who can guide you through the process. The estate pays for the attorney, and you work closely with them. Every state has its own laws and timetables for the executor\u2019s responsibilities, with which your estate planning attorney will be familiar.If possible, find out if there are any family conflicts before a loved one passes. If there are potential problems, it may be better for the loved one to identify who will be inheriting what before they die. If there is no plan for asset distribution, the person who is asking you to be the executor needs to meet with an estate planning attorney as soon as possible to create a plan with all of the documents required for their state.The executor is entitled to be paid a fee by the estate. In most states, that fee is set at a percentage of the estate\u2019s value, depending on the size and complexity of the estate. If you are both an executor and a beneficiary, you may want to forgo the fee, because fees are taxable, but in most states, inheritances are not.Reference: Review Times (Sep. 6, 2020) “An executor\u2019s guide to settling a loved one\u2019s estate”For more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What Does an Executor Do?","item":"https:\/\/www.amorusolaw.com\/blog\/what-does-an-executor-do-new-york-ny-white-plains-ny\/#breadcrumbitem"}]}]