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5. Summary of the Executor’s Responsibilities
ОглавлениеThe following is a summary of the responsibilities of the executor that are created by statute and by the common law:
• The executor must follow the will.
• The executor must be impartial and fair towards all beneficiaries.
• The executor must protect and maximize the assets of the estate.
• The executor must give information as needed to beneficiaries, tax officials, creditors, agents, and third parties.
• The executor must delegate only matters that are appropriate.
• The executor must act in good faith.
Those general responsibilities each break down into several dozen individual tasks to be completed by an executor. In the downloadable kit included with this book you will find a more detailed list of executor’s specific duties for you to use as a checklist as you work on your tasks as executor. When using the checklist, you should realize that as each estate is different, not every item on the list may apply to your situation.