Being named the executor of a loved one’s estate is a significant responsibility. As executor, you oversee the probate process—the legal procedure that ensures the proper distribution of assets and the settlement of the deceased’s final affairs. Your duties may vary depending on the size and complexity of the estate, and an experienced estate lawyer in Montgomery, Ohio, can guide you through each step, answer questions, and suggest strategies to make the process more efficient.
What Is an Executor?
Also called a personal representative or administrator, the executor is the person appointed by the probate court—or named in a will—to manage the deceased’s affairs. Typically, the executor is a spouse, child, or close family member. Executors have a fiduciary duty to act in the best interest of the estate and its beneficiaries, which includes:
Duty of Loyalty: Place the interests of the estate and beneficiaries above personal gain. Avoid self-dealing.
Duty of Good Faith: Act honestly, fairly, and transparently.
Duty of Care: Protect the estate’s assets, avoid unnecessary risks, and maintain privacy.
Duty of Obedience: Follow the instructions outlined in the will and comply with court directives.
In Ohio, the probate court may require the executor to post a bond to ensure proper estate management unless the will waives this requirement.
Key Responsibilities of an Executor in Montgomery, Ohio
The probate process in Ohio generally includes the following steps:
File a petition with the probate court. The executor files an application to administer the estate, which officially opens the probate case. If there’s a will, the application will include a request to admit the will to probate.
Notify heirs and creditors. Beneficiaries, heirs, and creditors must be informed. Creditors generally have a limited period to file claims, which the executor must review, validate, and pay if the estate has sufficient funds.
Inventory estate assets. Executors must document all assets, including real estate, bank accounts, investments, and personal property. Some assets may require appraisals.
Pay debts, expenses, and taxes. Outstanding debts, funeral costs, and taxes must be settled before distributing assets. Ohio does not have a state inheritance tax, but federal taxes may apply for larger estates.
Request court approval to close probate. The executor submits a detailed accounting of all estate activities and requests the court’s permission to close the probate case.
Distribute remaining assets. After approval, assets are distributed to beneficiaries per the will. If there’s no will, assets are allocated according to Ohio intestacy laws, prioritizing spouses, children, and parents.
How an Estate Lawyer Can Help
Serving as executor can be complicated, particularly if the estate is large, involves multiple assets, or faces disputes. An experienced estate attorney can:
Provide guidance on filing probate petitions and legal documents.
Ensure creditors’ claims are handled correctly.
Assist with asset appraisals and distribution.
Represent the executor if a will is contested or disputes arise among beneficiaries.
Speak With Our Montgomery Estate Lawyers at Wolterman Law Office
If you’ve been named executor of a loved one’s estate, our Montgomery estate lawyers at Wolterman Law Office can guide you through every step of probate. We help with filing, asset management, debt resolution, and dispute resolution, allowing you to fulfill your responsibilities efficiently and confidently. Schedule a free consultation by calling 513-790-4207 or contacting us online. Located in Loveland and Blue Ash, Ohio, we serve clients in Hamilton County, Fairfield, Norwood, and Forest Park.