Sunday, January 13, 2008

How to Fulfill a Fiduciary Duty as an Executor


A fiduciary duty is a legal duty involving two or more parties. The fiduciary duty of an executor deals specifically with wills and the debts of someone who has just passed away. Here is how to fulfill your duties if you find yourself in this position.


Difficulty: Moderate



Step One

Find the will. The will is the last testamentary disposition of a deceased person. This is the paperwork that tells you what to do with all the left over money after you complete all the following steps. The will also sets forth who the executor is.

Step Two

Start probate proceedings. Pay the fees out of the estate and have yourself named as the executor. This is where the legal duty begins.

Step Three

Pay the deceased person's taxes. There are three main duties of an executor and the first is to pay the taxes. The taxes can be found by collecting old mail and search the deceased person's belongings. If he owned a home, there will be taxes. If he owned a car, there will be taxes. Call the county if you can't find tax bills.

Step Four

Distribute the left over money to the beneficiaries. The will and other documents will tell you where the money goes. First look at the will. The will might have other written documents that help explain where certain things go.

No comments: