Probate Executor Fees and Duties | EstatePlanningLawFirms.com

The process of probate is one of the most difficult and lengthy legal processes for an estate or will to go through upon the death of a decedent. Probate can be avoided if the decedent created a living trust, had joint ownership of property, gave gifts prior to his or her death, or has pay-on-death accounts prior. If probate occurs, there are probate executor fees that must be paid to the executor and specific duties that the probate executor must complete during the process. The settlement of a trust or a will going through probate can take anywhere from several months to over one year and can cost anywhere from 3-7 percent of the entire estate.

Duties of the Probate Executor

The duties of the executor are as follows:

Obtain a legal copy of the will or the trust going to probate
Collect and inventory the assets of the estate
Pay all debts and expenses of the estate with money from the estate
Distribute property to the beneficiaries of the decedent
Establish any trusts, if directed by the will
Notify the heirs, beneficiaries, and creditors of probate
Obtain a federal identification number for tax purposes
Open a checking account in the name of the estate
Review all records to determine assets of the estate
Physically take custody of all assets of the estate that are subject to probate
Determine fair market value of assets
Pay any debts still outstanding
Resolve any claims by creditors
Pay the costs of all expenses incurred in the administering of the estate\
Possibility of selling some of estate’s assets to pay debts and expenses
Prepare and file death tax returns
File individual income tax return, estate income tax return, and Gift Tax return
Distribute any remaining estate assets to the beneficiaries and establish any trusts specified in the will
Close the estate with the court

Issues Probate can Settle

The following is a list of issues that the process of probate can settle:

Determining the validity of a will
Determining if the current copy of the will is the most up to date copy
If the will was written of free will and with a witness on hand
Whether or not a will might be have been forged
Determining whether or not the decedent was of sound mind when the will was created

Legal Help

If you or a loved one has been named a probate executor, contact a wills and inheritance attorney immediately for expert legal counsel regarding your situation. The attorney will be able to answer all of your probate executor questions and much more.

Need Estate Planning Help?