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Information for Executors
What Are the Duties of Your Executor?
By John Armstrong
Financial Advisor, Morgan Stanley
hen you write a will, you name an executor (or a personal representative) to carry out the distribution and management of your estate after your death. You may choose almost anyone as executor, including your spouse, a relative, a friend, an attorney or professional fiduciary, though some states have residency requirements for executors that could limit your choices so you ought to consult your legal advisor about this issue. At the time you name the executor, it’s also a good idea to name a contingent executor to take over in case your primary executor cannot serve at the time of your death.
What will your executor do? After your death, his or her typical duties depend upon your will and may include:
Collecting, managing and conserving your estate’s assets
Notifying your creditors and paying all valid debts
Collecting any debts, life insurance proceeds or retirement plan benefits due your estate
Investing estate assets, if necessary
Selling assets, if necessary, to pay estate taxes and expenses
Keeping detailed records and submitting them to your beneficiaries and/or the probate court for approval
Distributing your estate’s assets to your beneficiaries
Hiring an attorney or tax specialist to prepare and file all the required federal and state tax returns and other tax-related requirements in order to close the estate
Because of the responsibility that being an executor entails, you may want to consult the people you want to name as executor and contingent executors before you sign your will; those people may not want the responsibility or may be unable to serve for personal reasons.
These materials are provided free of charge for general informational and educational purposes to our brokerage clients. These materials do not take into account your personal circumstances and we do not represent that this information is complete or applicable to your situation. We may change these materials at any time in the future without notice to you. We are not providing you with investment, tax or legal advice. You should consult your own tax, legal, investment or other advisors to determine whether the analyses in these materials apply to your specific circumstances. Particular legal, accounting and tax restrictions applicable to you, margin requirements and transaction costs may significantly affect the structures discussed, and we do not represent that results indicated will be achieved. We are not offering to buy or sell any financial instrument or inviting you to participate in any trading strategy.
Investments and services are offered through Morgan Stanley DW Inc., member SIPC.
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