Bookkeeping

• One of the executor's most crucial duties is bookkeeping. You must document all of the deceased person's belongings including the contents of his safe deposit box and big-ticket items such as cars and houses. It also is your responsibility to notify banks, credit card companies and health insurance organizations about the death of the individual. Don't forget to make copies of the death certificate, which is needed for title transfer. Set up another bank account for the estate to deal with bills that have not yet been paid.
  
  

Probate

• Executors will have to file the will in probate court, which specifically deals with wills and estates. Probate court officials must validate the will and give the executor legal authority to act on behalf of the estate. The probate process will take longer if family members protest how assets were divided or if the loved one died without a written will.
  
  

Liability

• Executors are liable for any taxes owed by the deceased person. They must send in the deceased person's last tax return nine months after the death. Make sure to collect the tax documents of the deceased and have them handy for examination by auditors.
  
  

Family Feud

• It's not uncommon for family fights to erupt when dividing an estate. Family members may resent you for becoming the executor, who is paid around 3 percent of the estate's value. For example, if an estate is worth $500,000, the executor will be paid $15,000.
  
  

Time Frame

• Between tending to the demands of family members and dealing with the Internal Revenue Service, the executor will spend a year or more finalizing the will. The probate process alone can take up to a year.
  
  

Upkeep

• In addition to filing paperwork and making numerous phone calls to family members, you will have to make sure that the assets are maintained properly. For example, you may have to do yard work and cleaning at the deceased person's house each week.
  
  

Tip

• Don't hesitate to hire an attorney. An experienced estate lawyer can help you speed up the probate process and ensure that you are checking off all your executor responsibilities.