How to Choose an Executor

End of Life Management Toolkit #2 | by Team Passare and Robert L. Shepard

2. What are Executor Responsibilities

Deciding how to choose an executor depends on his or her responsibilities. An executor provides financial management and regulation such as paying taxes, bills and business transactions.

To administer an estate, the executor will:
  • File the petition for probate and administration
  • Collect and safeguard assets
  • Appraise and value all assets
  • Deal with creditors’ claims
  • File all estate, fiduciary income, and individual income tax returns
  • Make adjustments in estate records to reflect changes in assets tax cost basis
  • Distribute the estate
  • Prepare accountings
  • Close estate administration
Now, take a few minutes now to answer these questions.
  1. What tasks do I expect my executor to perform?
  2. How willing and able are the people I selected to perform the anticipated responsibility?
  3. What might be some unanticipated issues the executor should be aware of?
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