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What responsibilities does an estate administrator exercise?

The person who performs the estate administrator duties for another person's end-of-life estate is called an executor. In New Jersey, an executor has a number of responsibilities that the person must exercise in order to successfully close the estate over which the person has control. This blog post will examine some of the executor's major duties and responsibilities that become necessary during the administration of an estate.

First, an estate executor must undertake his duties with diligence and honor. If a person does not have the capacity to commit to the administration process, an estate creator may wish to change executors before the creator's death. An estate executor is a fiduciary with regard to the administration of the estate and must act with good faith and in accordance with the estate creator's desires.

After committing to act in good faith, an executor has a lot of legwork to perform. The person must track down all of the property that is included in the creator's end-of-life estate. An executor must then review all of the testamentary documents that are involved in the estate and determine if the estate must go through probate. Once such a decision is made the executor must also find all of the heirs and beneficiaries who may collect from the estate under administration.

An executor also must manage any loose ends that may have existed at the time of the creator's death. This may involve paying off debts and loans, as well as satisfying any current or back tax obligations. An executor must then see that the distribution of the estate creator's assets is done responsibly and in accordance with the creator's wishes.

This post only touches on a handful of the many duties an executor must perform. Though an executor does not have to be a legal professional, many people choose such individuals to serve as executors of their estates. To learn more about estate administrator duties, please contact an estate planning attorney who may provide specific information based on unique client inquiries.

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