An executor or administrator of an estate is the person who is responsible for the administration of the estate. They must identify and evaluate the assets. They must identify and pay all bills. They are responsible for selling the assets that need to be sold and all tax filings for the decedant and the estate. Finally, the executor distributes the assets in accordance with the terms of the will or state law if there is no will.
The executor/administrator also agrees to:
- Give notice of the admission of the will to the heirs and beneficiaries
- Make and file an inventory with the Probate Court
- Deposit all funds in an estate account and to keep all records
- Keep estate funds separate
- Invest all funds in a lawful manner
- Make and file a distributive and final account with the Probate Court
- File all tax documents required by law
- Maintain insurance on the estate assets
- Obey all Court orders