If you are named an executor of a will in Michigan or are trying to choose the executor for your own estate, then it helps to learn about the duties this position holds. An executor is an important person in the estate process that occurs after the death of the estate owner. In this position, you take on many responsibilities that help to settle the estate and ensure the wishes of the deceased are carried out properly.
Kiplinger explains that at the very beginning, you take on a huge role as the executor by submitting the will to begin the probate process. You also need to tie up the finances of the deceased as best you can. For example, you should cancel services and credit cards, collect mail and make proper notifications to senders, secure valuables and gain access to his or her home.
Throughout the process, you will manage expenses and help with finding heirs. You may have to get signatures for documents as well. As things wrap up, you need to pay off debts and liquidate assets as needed.
You must keep good records of any money in and out of the estate. You need to provide proof of where any money went out of the estate. You have to answer to heirs if they have questions. It is on you to make sure that taxes are paid as well. You will eventually help to close the estate once all financial matters are handled and assets disbursed. This information is for education and is not legal advice.
