five executor duties: a guide for executors in ohio
TRANSCRIPT
FIVE EXECUTOR DUTIES A GUIDE FOR EXECUTORS IN OHIO
WHO SERVES AS AN EXECUTOR?
When a person creates a will, the will creator names an executor.
The executor is responsible for overseeing the estate
administration process.
A named person can decline to be an executor and the court will
instead appoint an estate administrator.
THE EXECUTOR HAS MANY RESPONSIBILITIES
The executor has many different obligations during the probate
process.
Five key responsibilities of an executor include the following:
FILING FOR PROBATE
The executor has to file for probate.
This must be done in the county or counties where the deceased
person owned assets.
PROVIDING NOTICE
The executor has to provide notice to creditors and to beneficiaries or heirs about the probate process.
If there are outstanding debts owed to the estate, the executor also has
to try to collect.
MANAGING ASSETS
The executor has to make an accounting of estate assets and, if
necessary, must arrange for appraisals and valuations.
The executor also must take care of all of the probate assets during the
entirety of the probate process.
TAKING CARE OF TAXES
An executor has to obtain a tax ID number for the estate, if necessary.
The executor has to file tax returns and facilitate the payment of all
estate taxes and any other taxes required as a result of the death and transfer of the deceased’s
property.
TRANSFERRING ASSETS
The executor must take formal steps necessary for the legal transfer of property, including facilitating changing titles and
deeds.
GETTING LEGAL HELP
An executor should get help from an experienced estate planning and probate lawyer in fulfilling executor
duties.
Contact The Zimmer Law Firm today at 513-721-1513.
