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The executor’s responsibilities include reading the will, distributing items to beneficiaries, notifying companies of the death, paying bills and taxes, and closing the estate. They must also ensure all debts are paid and income taxes are filed before closing the inheritance.
An executor is responsible for closing the threads left by the deceased. One of the most important duties includes reading the will to those who are to inherit the items and then filing it in court. Notifying various individuals and companies, such as insurers and creditors, of the death is another important task for the executor. Of course, dealing with the financial aspects is also crucial, including paying any unpaid bills and taxes at the time of death. The last duty of the executor is to close the estate through the court, at which time the work is concluded.
One task that many people associate with the executor is reading the will to those who will inherit the items from the deceased. Of course, this work isn’t finished after the reading of the will, as the executor has to find the items and then ensure they are all distributed to the correct people. The will must also be filed in probate court, at which time all beneficiaries and creditors are notified so they can contest the will if they have any doubts about its contents. If no will has been created, you will need to consult state law to find out who the heirs are.
Another crucial task for the executor is to ensure that all companies that have done business with the deceased are aware of the death. It is important to contact credit card companies, banks, the post office, insurance companies, and any entities that provided benefits to the deceased or had debts. Rents, credit cards, and other contracts need to be canceled so you can pay your last few bills and close your accounts.
The correct procedure for dealing with the deceased’s last bills begins with the opening of a bank account, into which all funds still owed to the deceased will flow. This includes salaries, stock dividends and financial benefits from private or government entities. Once there are funds in this account, all remaining bills will need to be paid with the money, such as mortgage payments, utility bills, and any payments owed to creditors before they were notified of the death. It is also up to the executor to file the last income taxes, as the period of time from the beginning of the year until the day of death is taxed as usual. Once all bills have been paid and the beneficiaries have received their inherited assets, the inheritance can be closed.
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