Page 5 - Accumulating, Preserving, and Passing Wealth | Stifel

Who can be executor?

The selection of an executor is an important decision and should be carefully considered. The duties of an executor
are varied, and some people who have never served as executor may be overwhelmed. Any competent adult can
be named as executor, including a spouse, adult child, other relative, friend, or business associate. A professional
entity, such as a trust company, can also be named as executor. Although you have many choices regarding whom
you can select, careful consideration should be given to the role of the executor. You may want to consider involving a
professional to provide assistance either as the sole executor or as co-executor.

Duties of an Executor

Generally, the duties of an executor will include:

• Collecting and safekeeping the assets of the estate;
• Notifying creditors and paying all debts of the decedent;
• Collecting any monies owed to the estate;
• Filing claims for benefits to the estate, including life insurance proceeds, pension, and profit-sharing benefits;
• Determining the value of the assets of the estate, including securities, real property, and personal property;
• Managing the assets of the estate;
• Maintaining detailed records of all estate transactions and filing proper inventories/records to beneficiaries
and the court;
• Filing the decedent’s final income tax return (Form 1040);
• Determining the tax year for the estate;
• Filing the estate’s income tax return (Form 1041);
• Filing the decedent’s federal estate tax return (Form 706);
• Filing the decedent’s state death tax return; and
• Distributing assets to beneficiaries.

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