THE EXECUTOR OR "PERSONAL REPRESENTATIVE"

When a person who owns real or personal property in his own name dies, the state in which he is a resident, acting through a court, must probate the estate. This court is called by dif ferent names in various states. "Probate Court," "Orphans' Court" or "Surrogate Court" are common names.

If the decedent had a will and assets are to pass via that will, someone must submit the will for probate. If and when the judge decides that the submitted will is, indeed, the last will and testament of the decedent, he will admit the will to probate.

If the decedent nominated an executor or personal representative in the will, the judge will, normally, appoint that person or institution to be the Executor and will give the Executor a letter stating that he has power to act for and in behalf of the estate of the decedent.

The Executor has many duties. Among them might be:

1. Secure all the property. 2. Purchase a bond. 3. Publish a notice to creditors. 4. Value the estate via appropriate appraisals. 5. Pay any federal estate tax. 6. Pay any state and local estate and inheritance tax. 7. Pay income tax for the part year that the decedent lived. 8. Notify all heirs. 9. Defend the estate against lawsuits. 10. Gain court approval for certain actions. 11. Pay all debts. 12. Pay for funeral expenses. 13. Make interim and final distributions to all heirs.

The Executor should take good care to be sure he has paid all taxes and other obligations of the estate ... prior to making final distribution to the heirs. He is personally liable for the taxes. If he pays out all the money ... and, subsequently, receives a tax bill, he may have to pay it from his own funds.

The Executor's job is a highly responsible one; it should not be awarded to anyone as an honor. Done correctly, it can be a long and arduous task.