Understanding the importance of being an estate’s executor

Understanding the importance of being an estate’s executor

When someone passes away, there are lots of things that must get taken care of. If someone you knew recently died in Maryland, you might find yourself in the role of an executor. While this can sound stressful, being an executor is easier when you know what to expect. Here’s more information about executors and their duties.

What is an executor?

There are many important roles people play after someone passes away, including a trustee, executors, & fiduciaries. An executor is responsible for managing someone’s estate. While this might sound simple, an executor typically has lots of duties to perform. Because of that, someone chosen as an executor must be reliable and trustworthy.

What guidelines must an executor follow?

The exact guidelines to follow as an executor can vary by state. An executor acts as an estate’s representative, which can include hiring an attorney, attending court proceedings and petitioning the court if necessary.

You’ll also need to manage an estate’s expenses. Managing expenses typically involves paying off any debts and collecting receivables. You might also need to have certain estate-related assets appraised.

In some cases, you must contact various government institutions to gain information about an estate. This information can include an Employer Identification Number and similar types of related information. Other guidelines an executor will follow can include issuing notifications about an estate, distributing assets to beneficiaries and taking care of tax-related tasks.

In conclusion, an executor has many duties. If you were recently named an executor and don’t know what to do next, consider reaching out to an estate administration attorney. An attorney can help ensure you’re following all of your requirements as an estate executor.