Clifton - Greg Otto

This information is a generalized presentation of some of the more common problems that confront an executor. It is not intended to be exhaustive or technical. The specific details of an executor's duties often vary from state to state, so this outline is not intended to cover these in depth. Furthermore, many of the steps that an executor must take depend on the provisions of the decedent's Will and the composition of the assets comprising the estate. In some states, Maryland included, the executor is referred to as the "personal representative."

The Executor:

• Studies the Will.
• Arranges for probate of Will.
• Receives court authority to act on behalf of the Estate.
• Assembles, inventories and takes custody of Estate assets.
• Takes into account assets in another state - the appointment of an ancillary executor may be necessary.
• Reviews decedent’s financial records.
• Administers the estate.  This process is controlled by the provisions of the Will and state law.
• Considers nonprobate assets.  Nonprobate assets are those that do not pass under the Will.  Nevertheless, they are an important consideration in settling the estate, particularly if estate tax is an issue.
• Is responsible for all tax returns (including the decedent’s final income tax returns, the Estate’s fiduciary income tax returns and any estate tax returns).
• Arranges for the payment of any inheritance tax due.
• Distributes the estate in accordance with the terms of the Will.