What are the Responsibilities of the Executor?
The Executor must identify and locate all your assets so that such assets may be valued. Property requiring valuation includes stocks, bonds, life insurance, real estate, and any interest in a closely held corporation or partnership, among others. The Executor is responsible for paying expenses such as taxes, medical bills and funeral costs. Finally the Executor is responsible for distributing the assets appropriately. Additionally, the Executor and/or his professional advisors must determine whether final Federal and State income tax returns must be filed. The Executor might also have to file Federal and State estate tax returns and Federal and State Fiduciary Income Tax Returns.
