When a loved one suddenly passes, it can be devastating. On top of the emotional pain that your whole family may be feeling, there is the matter of going through their estate and fulfilling their final wishes.
It is possible that they drafted a will before they passed and asked you to be the executor of their estate. These responsibilities can feel overwhelming during this tough time. However, a little know-how can get you through.
Your responsibilities as the will’s executor
If you have agreed to serve as executor, it is important to understand what your responsibilities are. Primarily, it is up to you to administer the estate of your deceased loved one.
These are some of the responsibilities expected of you:
- Admit the will to Ohio probate court to validate your loved one’s will
- Inform beneficiaries of your loved one’s death
- Get a total valuation of your loved one’s estate
- Manage accounts, property and assets of the estate
- Pay off any remaining debt and taxes they may have had
- Distribute their assets to beneficiaries according to their wishes
However, keep in mind that as the executor you must remember you have a fiduciary duty. You must keep this additional responsibility in mind as you fulfill the tasks ahead of you.
What is fiduciary duty?
The concept of fiduciary duty means that you should act in the best interests of your loved one. This is done by:
- Prioritizing the needs of the estate and the beneficiaries
- Taking care of the estate
- Acting honestly and fairly
Serving as an executor is no easy feat. It comes with various responsibilities. However, learning about your role as the administrator of your loved one’s estate can help you fulfill their final wishes and avoid legal problems.
