Closing accounts and other executor responsibilities

If you have been appointed the executor of your loved one’s estate, you could have many questions when it comes to your responsibilities. As executor, it is vital to avoid any breach of your fiduciary duties, which may lead to serious consequences. For example, a beneficiary could decide to take legal action against you. At Joseph A. Ledwidge, P.C., we can understand how stressful it can feel to be in this position, especially if you are mourning a loved one’s death. However, you can reduce the likelihood of additional hardships by carefully going over your different responsibilities, such as managing the estate’s financial affairs.

As the executor, you may be asked to carry out a financial action that the decedent was able to do before they passed away, such as shutting down a bank account. You may have to close other types of financial accounts as well, such as a credit card account. In some cases, this may not be your responsibility, however, such as an account that was jointly owned by someone else. There are many other financial considerations when it comes to executor responsibilities, such as those involving taxes and debts. Moreover, you may have to face disagreements over the distribution of property and various other issues.

Our firm sympathizes with executors who feel overwhelmed by these responsibilities, especially in the wake of a loved one’s passing. Our section on the obligations of executors and fiduciaries has even more information that is interconnected with this facet of probate law .