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Aug 26, 2024 · An estate administrator is the appointed legal representative of the deceased. The legal representative may be a surviving spouse, other family member, executor named in the will or an attorney. In general, the estate administrator: Collects all the assets of the deceased. Pays creditors.
- Obtain a Copy of the Death Certificate. The first responsibility of an estate executor is to obtain copies of the death certificate. The funeral home will provide the death certificate; ask for multiple copies.
- Make Funeral Arrangements. The will may include instructions for the funeral arrangements. As executor, these responsibilities could include communicating with the funeral home to ensure the wishes of the deceased are carried out.
- File the Will in Probate Court. A copy of the will needs to be filed in probate court. In some cases, assets can pass to heirs without probate (or via a streamlined probate process), but the law in most states still requires filing the will in probate court.
- Locate the Assets and Manage Distribution. As executor, it’s your responsibility to control and distribute the assets. You may have to make decisions about which assets to sell and which to distribute to heirs.
- 1031 Exchanges Are Also Known as ‘Like-Kind’ Exchanges, and That Matters. Section 1031 of the IRC defines a 1031 exchange as when you exchange real property used for business or held as an investment solely for another business or investment property that is the same type or “like-kind.”
- Careful: You’re on the Clock! When contemplating a 1031 exchange, the race is indeed to the swift, or at least to the efficient: You have 45 days from the date of the original property’s sale to identify a new property to reinvest the proceeds.
- 1031 Exchanges Don’t Work to Downsize an Investment. The strict rules surrounding 1031 exchanges require the new investment property to be of equal or greater value than the property being sold.
- Transactions Can Be Structured in Four Different Ways. As needs vary depending on circumstances, real estate investors generally use five different kinds of 1031 exchanges
Certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to FinCEN beginning on Jan. 1, 2024. If you are a company required to report, the ...
May 30, 2024 · Contacting agencies like the Social Security Administration to stop Social Security benefits, the IRS, or state tax authorities for income tax and death tax matters is the role of an executor.
- Julia Kagan
Aug 29, 2024 · Before you agree to act as an executor, understand some of the hazards that can result. And know how you can address some of these potential hazards so that being an executor can run smoothly.
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Jul 24, 2024 · An executor’s responsibilities include filing the will, starting the probate process, telling everyone about the death, figuring out what and where all the assets are, paying taxes, and handing out the inheritances to beneficiaries. Being an executor comes with a lot of potential complications.
