You are looking forward to having dinner with friends tonight. It is sure to be a fun outing of talking and laughing to help wind down from the busy week.
The evening turns serious when your friend talks to you about his will and asks you to be the executor of his estate. You know this is a lot of responsibility, but exactly what will you have to do?
The executor
In legal terms, an executor or administrator is someone appointed by the testator to carry out a will’s instructions. In other words, you will have to dole out money and property to the people or entities listed in the document.
Becoming the executor may be something to think about before you accept your friend’s request. The essential duties of an executor in Tennessee may include:
- You must submit the will and death certificate for probate approval. You must file it in the county where the decedent lived. Along with the will, you must give the court a petition to probate as a request for your appointment as executor.
- You need to provide a legal notice of the death to known creditors in the local newspaper or, if there is no newspaper, in a public place. The notice will run for two consecutive weeks. The announcement is a requirement in Tennessee even if there are no creditors. The creditors then have four months to file a claim against the estate.
- You must notify all heirs and beneficiaries of your approval as the administrator. After paying the creditors, if there is money or property left, you will distribute this to everyone listed in the will.
In addition to these duties, you may have to continue making mortgage payments, utilities and other bills. Tennessee does not have an estate tax, but you may have to pay a federal estate tax, depending on the estate’s value.