What's involved in wrapping up an estate.
It's both an honor and a burden to serve as someone's executor. An executor is entrusted with responsibility for winding up someone's earthly affairs -- a big or little task, depending on the situation. Essentially, an executor's job is to protect a deceased person's property until all debts and taxes have been paid, and to see that what's left is transferred to the people who are entitled to it.
The law does not require an executor (also called personal representative) to be a legal or financial expert. But it does require the highest degree of honesty, impartiality, and diligence. This is called a "fiduciary duty" -- the duty to act with scrupulous good faith and honesty on behalf of someone else.
Executors have a number of duties, depending on the complexity of the deceased person's financial and family circumstances. Typically, an executor must:
Cona Elder Law is a full service law firm based in Melville, LI. Our firm concentrates in the areas of elder law, estate planning, estate administration and litigation, special needs planning and health care facility representation. We are proud to have been recognized for our innovative strategies, creative techniques and unparalleled negotiating skills unendingly driven toward our paramount objective - satisfying the needs of our clients.
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