Estate Executor Duties

The Duties of an Executor or other personal representative in the administration of an estate may be divided into two broad categories:

1. Non-tax matters dealing with the settlement of the Estate under Wisconsin Probate Laws.

2. Duties involving the filing of tax returns in compliance with both State and Federal Tax Laws.

The non-tax aspects of settling an estate include taking custody of the decedent's assets, collecting income due the estate, paying the decedent's final debts and administration expenses and finally distributing the remaining assets to the beneficiaries, all in accordance with the Laws of Wisconsin and the terms of the decedent's Will or the Intestate Laws of Wisconsin should the decedent have died without a Will.

Detailed records must be kept of all receipts and disbursements in the Estate so that the Executor can account for all of his activities to the beneficiaries at the conclusion of the Estate. In additional, the Executor is responsible for placing the appropriate legal advertising in the required publications and for notifying all beneficiaries of their interest in the Estate.

In addition, the Executor is responsible for filing the Inventory of the estate's assets within nine months following the decedent's date of death. The Executor is also responsible for filing the Pennsylvania Inheritance Tax Return and the Federal Income Tax Return (if the assets of the decedent exceed minimum threshold for the payment of Federal Estate Tax, which in 2000 is $675,000.00). The Attorney representing the Executor attends to all of these duties on behalf of the Executor.

An Executor is able to hire and employ advisors to assist him in his duties. The Executor may hire an attorney, an accountant, an investment advisor and the like to assist him in his duties.

At the conclusion of the Estate, the Executor's duty is to complete the payment of all Pennsylvania Inheritance Taxes and Federal Estate Taxes and prepare a final accounting for review by the beneficiaries and, in some instances, by the Court. When all beneficiaries have consented to the activities of the Executor, the Executor then makes final distribution of the estate's assets to the beneficiaries and his work is done.