If you have been nominated in someone's Will to be the Personal Representative, also known as the Executor or Executrix, you need to know your duties. You will need to work with an Estate Attorney to accomplish the following:
- You will have to take possession of and protect the real and personal property, excepting the homestead and real estate specifically given by the will.
- Keep real estate and personal property properly insured.
- Receive the rents and payments due and collect interest, dividends and other income.
- Make proper demand for and collect all the debts, claims and notes due.
- Assist in determining the names, ages, residences and degree of relationship of all possible heirs.
- Litigate or settle any pending lawsuits in which the deceased had an interest.
- Keep the property of the estate in good repair.
- Keep surplus funds invested.
- Obey and perform all the orders of the court.
- Determine and pay federal and state estate taxes and federal and state income taxes.
- Pay the valid claims of creditors and, if necessary, sell the estate property to do so.
- Distribute the remaining assets to the proper heirs.
If you have been nominated in someone's Will to be the Personal Representative or executor of estate, please call me and I will be glad to assist you.