What Are the Duties of an Estate Executor?
Estate executors are trusted individuals who handle the settlement of a deceased person’s estate. The duties they perform ensure that property and other elements of the estate are distributed according to both the provisions of any existing will and current probate law. As an estate executor, a person must perform specific fiduciary duties. If a person does not specify the person they want to act as executor prior to their death, and if no one else comes forward to volunteer for the duties, the court appoints an estate administrator to carry out the executor’s tasks.
Primary roles
Estate executors perform multiple roles for the deceased’s estate. These roles include but are not limited to:
• Deciding if probate is necessary given the estate status.
• Entering the will of the deceased into the probate court.
• Identifying, locating, securing and listing the assets and property of the deceased, including making insurance arrangements.
• Notifying insurance companies of the death and providing copies of the death certificate to initiate payments to beneficiaries.
• Notifying non-insurance agencies or companies of the death in writing and, if necessary, terminating accounts. This can include the Social Security Administration, Medicare, United States Postal Service, and the United States Department of Treasury.
• Notifying creditors and heirs of the death in writing, including a newspaper announcement.
• Examining the existence of
partnerships and similar agreements, and taking steps to meet clauses related to the estate within those agreements.
• Providing tax information for the estate to a qualified lawyer or accountant by filing deadlines, applying for an Employer Identification Number (EIN) for the estate, and paying all taxes owed on the estate.
• Creating a list of all debts against the estate, including the funeral costs, and submitting the list to the court.
• Paying all debts and dispersing property and assets to heirs and creditors according to the will of the deceased and current property law. In order to accomplish this, it may be necessary to sell the deceased’s property or assets.
• Appearing in court as a representative of the estate if proceedings are necessary regarding the deceased’s will.
• Establishing a bank account in the name of the estate for distribution of property and assets.
• Keeping records of all matters relating to the settling of the estate for possible review by the probate court, heirs and creditors.
• Responding to information requests by creditors, heirs, attorneys and officers of the court.
• Making arrangements for minor children of the deceased.
Fiduciary duty and legal obligations
An executor has a fiduciary duty to the deceased. This means that they have to act in the best interest of the deceased at all times. This sometimes pits the executor against friends and family members of the deceased if the deceased’s wishes were contrary to what friends and family members want.
Fiduciary duty also means that the estate executor cannot benefit from his work beyond what is allowed in the deceased’s will or state estate executor fee law.
Estate executors also take on legal responsibilities when they handle an estate. For example, they can be held liable for any taxes not paid related to the estate. Additionally, being an executor takes considerable time and effort—it is not unusual for it to take a year or more to close an estate.
Executors may have to deal with irate family, friends and creditors of the deceased as well.
Payment of executors
It is legal for an estate executor to charge a fee for their services, given the extent of responsibility the executor accepts. The state typically sets the fee, but roughly three percent of the value of the estate is standard. Courts have the right to determine what is reasonable compensation for acting as executor if state law does not specify a fee limit numerically. Individuals also may specify in their wills how much they want their executors to receive if they feel the executor deserves more than the state guideline.
Taking on the responsibility of being an executor is a lasting way to honor the final wishes of someone who has passed away. It’s also a lot of hard work. Be sure you are prepared to undertake these duties before agreeing to be the executor of an estate.
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Altadena, CA
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Manhattan Beach, CA
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Hawthorne, CA
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Palos Verdes Estates, CA
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Irene
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Torrance, CA
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San Pedro, CA
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Torrance, CA
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Torrance, CA
Kathy Fair-Cruz 1958-2024
San Francisco, CA In Loving Memory In Loving Memory
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Long Beach, CA In Loving Memory In Loving Memory
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Rowland Heights, CA
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Port Angeles, WA
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Harbor City, CA
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Bob Gentry 1936-2024
Torrance, CA
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Pasadena, CA
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Torrance, CA
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Woodland Hills, CA
Barbara Anita Harkins 1928-2024
Kevin Hofacker 1955-2024
Moorpark, CA
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Phoenix, AZ
Lois Jeane (Aberle) Fisher 1936-2024
Hermosa Beach, CA
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Glendora, CA
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Albert Gutierrez 1931-2024 Spokane, WA In Loving Memory In Loving Memory
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Torrance, CA
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Manhattan Beach, CA
Roy (Lefty) Henderson 1926-2024
Prescott, AZ In Loving Memory In Loving Memory
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San Pedro, CA
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Robert A. Jones 1945-2024
Rio Rancho, NM
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Wilmington CA In Loving Memory In Loving Memory
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Long Beach, CA
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Manhattan Beach, CA In Loving Memory In Loving Memory
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Aguanga, CA In Loving Memory In Loving Memory
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San Pedro, CA
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San Pedro, CA
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Long Beach, CA
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Granada Hills, CA
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Carol Lawson 1943-2024
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Torrance , CA
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Sierra Madre, CA
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John Gordon Lanham 1944-2024 Kingman, AZ
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B. Allen Lay 1934-2024
Rolling Hills, CA
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CA
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Torrance, CA
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Palos Verdes Penninsula, CA
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Long Beach, CA
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Glendora, CA
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Rancho Palos Verdes, CA
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Palos Verdes Estates, CA
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Modesto, CA
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LaVerne, CA
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Manhattan Beach, CA
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Beach,
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Covina, CA
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Heber City, UT
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Robert Karl (“Bob”) Marohn 1936-2024
Rancho Palos Verdes, CA
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Cathy Miller Meek 1963-2024
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Elaine Lynn Lopez 1948-2013
Los Angeles, CA
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San Marino, CA
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Robert Bernard Moran 1929-2024
Mary Martinez Pasadena, CA
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San Pedro, CA
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Palos Verdes Estates, CA
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Los Angeles, CA
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Torrance, CA
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Long Beach, CA
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Carson, CA
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Torrance, CA
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Westlake Village, CA
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Redondo Beach, CA
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Diamond Bar, CA
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Long Beach, CA
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San Pedro, CA
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Belmont Shore, CA
In
In
Loving Memory
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Palos Verdes Estate, CA
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St. George, UT
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Long Beach, CA
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Downey, CA
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Van Nuys, CA
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San Pedro, CA In Loving Memory In Loving Memory
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San Pedro, Ca
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Long Beach, CA In Loving Memory In Loving Memory
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Rancho Palos Verdes, CA
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Reyes, Joseph (Joe) 1936-2014
Pasadena, CA
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Rolling Hills Estates, CA
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Long Beach, CA
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Redondo Beach, CA
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Long Beach, CA
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Joan N. Sinnott 1932-2024
Temple City, CA
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Long Beach, CA
Lake View Terrace, CA
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San Pedro, CA
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Sierra Madre, CA
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San Pedro, CA
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Santa Barbara, CA
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Palos Verdes Estates, CA
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Indio, CA
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Pasadena, CA
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Woodland Hills, CA
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Manhattan Beach, CA
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San Gabriel, CA
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Lawndale, CA
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Long Beach, CA
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May the constant love of caring friends soften your sadness. May cherished memories bring you moments of comfort. May lasting peace surround your grieving heart.
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Valentine
Passing Assets to Your Heirs Without Probate and With Personal Liability Protection
When you have a limited liability company that owns assets, such as investment
real estate, it provides you with personal liability protection but often doesn’t have any estate planning benefits. A living trust enables you to pass assets to your heirs immediately, outside of probate, but doesn’t provide any personal liability protection. To gain the liability protection of an LLC and the estate planning benefits of a living trust, consider making your living trust the sole member of your LLC.
Living trust
When you put assets into a revocable living trust, the assets pass directly to your heirs when you die without going through probate court. This eliminates the delays associated with supervision from a probate judge and prevents public disclosure of the transaction. It’s also usually less expensive than probate court. While you’re alive, you can add assets to the trust, remove assets from the trust and control the current assets as the trustee.
Limited liability company
When you form a company to hold assets, you must typically choose to organize it as a corporation, a partnership or a limited liability company. A corporation provides personal liability protection if someone wins a judgment against the company, but the government taxes you twice. A partnership eliminates double- taxation, but doesn’t provide personal liability protection to the general partner. A limited liability company, however, combines the liability protection of a corporation and the single taxation of a partnership in a single entity. When you die, however, your LLC ownership must pass to your heirs through a probate in many states.
LLC membership and management
While the rules regarding LLCs vary by state, most states don’t require more than one member to form an LLC. A member can be a person or an entity such as
a corporation, a partnership, another LLC, a foreign entity or a trust. The company’s operating agreement specifies who is responsible for making decisions and commitments on behalf of the company. If an LLC is member-managed, the members are responsible for running the company. It the company is managermanaged, the members appoint a manager with responsibility for company operations. An LLC can be manager-managed, with the single member of the LLC serving as the manager.
Living trust as sole member
By making a living trust the sole member of an LLC,
the living trust becomes the owner of the company. If the company is member-managed, the trustee is responsible for running the company. If it’s managermanaged, the manager runs the company but the trustee can usually replace the manager at any time, depending on the provisions in the company’s operating agreement. When you die, company ownership passes to the trust’s beneficiaries without a probate, and your heirs also inherit personal liability protection as the new owners of the LLC and its assets. -
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