WHEN YOU'RE AN EXECUTOR

You have agreed to an awesome responsibility—to carry out the final wishes of the deceased.

Here are some hints from Sandord J. Schlesinger, Esq., Kaye Scholer LLP, New York, as written in a recent Bottom Line/Tomorrow issue; to help you carry out your mission.

• Locate the deceased’s will and file it with the appropriate court. Only after the court has formally accepted the will can you be appointed representative of the estate. But you can begin by not letting the heirs come into the home and take out assets before you have had a chance to take an inventory and determine their value.
• Gather and protect assets, handling securities as a conservative investor would. The estate needs cash to pay taxes and other costs. Have an investment counselor guide you during this time.
• Notify the beneficiaries named in the will and individuals who might have a legal right to challenge the will. This will differ according to state law.
• Obtain several copies of the death certificate. You will need them when dealing with banks, brokerage firms, life insurance companies, etc.
• Arrange for the payment of the estate’s liabilities, including bank loans, auto loans and outstanding bills.
• File for benefits. These include Social Security, Veterans Administration, fraternal organizations, civil service organizations, former employers and life insurance payable to the estate.
• Set up banking and brokerage accounts for the estate, especially a checking account.
• File estate tax returns where required.
• File an accounting of assets, liabilities and payments with the court if necessary to end the estate and be discharged from the executor’s position.
• Find a tax specialist. Unlike attorneys or CPAs, EAs specialize in taxation. They advise, represent and prepare tax returns for individuals, partnerships, corporations, estates, trusts and any entities with tax-reporting requirements.
• Get am advocate to appear in place of the taxpayer at the Internal Revenue Service as do attorneys and CPAs.

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