Any U.S. citizen over the age of 18 who hasn't been convicted of a felony can be named the executor of a will. In Louisiana, if the designated executor is not a resident of the state, a local representative must also be appointed. In choosing an executor or a representative, some people choose a lawyer, accountant or financial consultant because of his or her expertise. Others choose to appoint their spouse, adult child, relative or close friend, especially if the estate is relatively small and even if that person is also a beneficiary under the will. Generally, a family member or friend expects little or no pay for settling the estate and is anxious to get things settled quickly and smoothly. But, being an executor can be a lot of work. You have to follow up on many details and may also be called upon to help defend the terms of the will against contentious heirs or claims against the estate by third parties such as creditors. You must also need to be able to act quickly in order to preserve the assets and the value of the estate. For example, inheritance and income taxes must be filed in a timely manner to avoid penalties and interest.

The executor is a fiduciary with respect to the succession. A fiduciary is a person having a legal duty to act for the benefit of another. As the fiduciary of the succession, the executor has the duty of collecting, preserving and managing the property of the estate in accordance with law. The executor or representative is deemed to have possession of all succession property while probate is pending and must also enforce all obligations in favor of or for the benefit of the estate and the heirs.

The first duty of the executor is to initiate probate or, as it is called in Louisiana, open a succession. This is the formal process of proving the authenticity of the deceased person's will and confirming your appointment as executor. The attorney chosen to represent the estate will help you perform your duties.

Next, with the help of your attorney, you need to notify all parties named as beneficiaries that you have applied to the court to probate the will. If you go it alone without an attorney, when you appear in probate court, you'll need, amongst other things, the original will and certified copies of the death certificate. You should also be prepared to pay court costs, which are chargeable to the estate. The job of the probate court is to decide the validity of the will, generally a routine affair. However, this is also the time when parties may challenge or contest the will. A person who challenges a will, or part of a will, must file an objection with the court within a specified amount of time depending on your state's laws. Challenges to wills can be time-consuming and very costly to the estate.

The executor of a succession must inventory all assets of the estate. It can be a major undertaking to assemble and value a decedent's assets and liabilities. It is not uncommon for even those close to a decedent to not have any idea of the decedent's financial status. The property of the succession can be identified either through an inventory conducted by a notary appointed by the court or by means of what is called a "sworn detailed descriptive list." The majority of successions utilize the detailed descriptive list procedure because it is quicker and less costly. The list is in affidavit form and must describe the property, show the location of all property of the succession along with the value of each item as of the date of decedent's death. If the property is not easily valued, then a formal appraisal or fair market valuation may be required, such as with real estate or expensive jewelry.

You may also be called upon to deal with assets that do not necessarily pass by means of the will, such as life insurance proceeds, retirement plan benefits and trust interests. Property owned by the deceased in another state may also require an ancillary probate preceding in that state. Also of concern is the impact on the estate by any federal estate taxes that could be due if the value of the estate exceeds a certain dollar amount.

Once the descriptive list or inventory has been filed and the will determined to be valid by the court, taxes and other claims against the estate can be paid.

If the will is found to be invalid, either the court can order the taxes and creditors paid or you can obtain a court order granting an extension of time pending the outcome of the litigation. Once the disputes are settled either by the court or by agreement amongst the heirs, the remainder of the estate will be distributed in accordance with the will or by state laws if there is no valid will.

Generally, the last steps to finalize the estate are to distribute assets to the beneficiaries and to file any additional papers required with the court, such as a final accounting. The executor must also provide evidence of distribution of the remaining assets, such as signed receipts from the beneficiaries. When the court recognizes the completion of the probate process, and after any public notices that may be required have been published, you are released from further responsibility as executor.

Attorney's fees are chargeable to the estate as expenses of administration. While some attorneys charge by the hour and others may charge a flat fee, all fees must be reasonable. Unless you are willing to waive compensation, the estate is responsible for paying the executor a fee. This fee may be specified in the will, or it may be determined by state law and is usually subject to limitations. If the executor is an attorney, the law in most states prevents him or her from collecting both an executor's fee and an attorney's fee for legal advice on the estate. Generally, an executor is entitled to be reimbursed from the proceeds of the estate for expenses she may have incurred in handling and settling the succession.

Settling an estate, even a simple one, involves a number of loose ends and details. The following list is meant only as a guide to the numerous things you may be called upon to do as executor.

• Locate the original will
  
• Contact the attorney named in the will or hire a lawyer if one has not been named
  
• Obtain from the court, through the attorney, letters testamentary appointing you as executor enabling you to deal with the deceased's assets
  
• Notify beneficiaries named in the will
  
• Arrange for publication of notice to creditors and mail a notice to each known creditor
  
• Send notices of the person's death to the post office, utilities, banks and credit card companies
  
• Inventory all assets and have them appraised, if necessary.
  
• Collect debts owed to the estate
  
• Check with deceased's employer for unpaid salary, insurance and other employee benefits
  
• File for Social Security, civil service or veteran's benefits
  
• File for life insurance and other benefits
  
• File city, state and/or federal income tax returns
  
• File state inheritance and federal estate tax returns
  
• Pay valid claims against the estate
  
• Distribute assets and obtain receipts from beneficiaries
  
• File papers to finalize and close the estate

For your own protection, you should keep a copy of all records for at least three years. And don't forget to seek the guidance of a professional if you need help in settling the estate.

If you have been named executor for a friend or family member, keep in mind that this is your final act of friendship. The deceased trusted you enough to give you this responsibility. You should be honored by that trust as you fulfill your duties as executor.

If you have any questions about who to appoint as the executor of your estate or if you have been appointed as an executor and are unsure if you should accept the appointment, please feel free to contact our office at attygoldman@mindspring.com, (504) 654-6519.