What Are the Responsibilities of an Executor During Probate?

Being named the executor of someone’s estate is both an honor and a serious responsibility. As the person tasked with managing the probate process, the executor plays a critical role in ensuring the decedent’s assets are properly distributed, debts are paid, and their wishes are carried out according to the will. If you’ve been named as an executor or are considering appointing someone to this role, it’s important to understand what the job entails.

1. Filing the Will and Initiating Probate

The executor’s first responsibility is to locate the decedent’s will and file it with the appropriate probate court in the county where the decedent lived. In Colorado, probate is typically required for estates with significant assets that are not passed through a trust or named beneficiaries.

Once the will is filed, the executor must formally petition the court to open probate. This process involves submitting the necessary legal documents, such as the death certificate, and seeking official appointment as the estate’s executor. Once appointed, the executor gains the legal authority to act on behalf of the estate.

2. Identifying and Managing the Estate’s Assets

One of the most important tasks for an executor is to identify, locate, and secure all assets owned by the decedent. These assets may include:

• Real estate, such as homes, rental properties, or land
• Bank accounts and investment accounts
• Vehicles, jewelry, and other valuable personal property
• Business interests or ownership stakes

The executor is responsible for ensuring these assets are properly managed and protected throughout the probate process. For example, this might involve maintaining insurance on real estate, safeguarding valuable items, and making decisions about whether to sell or retain certain assets. Keeping an accurate inventory of the estate’s property is critical, as the executor must provide this information to the court and beneficiaries.

3. Notifying Creditors and Paying Debts

Another key responsibility of an executor is to notify the decedent’s creditors and settle any outstanding debts. In Colorado, the executor must publish a notice to creditors in a local newspaper to alert them of the probate process and give them an opportunity to file claims against the estate.

Once claims are received, the executor must review and validate them before making payments. Common debts that need to be addressed include:

• Mortgages and loans
• Credit card balances
• Medical bills
• Utility bills

It’s important to prioritize these payments based on the estate’s financial resources and ensure that all valid debts are settled before distributing assets to beneficiaries. Failure to handle debts properly could expose the executor to legal liability.

4. Paying Taxes

The executor is responsible for ensuring that all required taxes are paid on behalf of the decedent and the estate. This includes:

• Filing the decedent’s final income tax return
• Paying any outstanding income taxes owed at the time of death
• Filing an estate tax return, if applicable

Although most estates in Colorado do not owe federal estate taxes due to high exemption thresholds, it’s still essential for the executor to determine whether any taxes are owed. Working with an accountant or tax professional can help ensure compliance with state and federal tax laws.

5. Distributing Assets to Beneficiaries

Once all debts, taxes, and administrative expenses have been paid, the executor can distribute the remaining assets to the beneficiaries named in the will. This step requires careful attention to detail to ensure that each beneficiary receives the correct share of the estate.

For example, the executor might need to transfer ownership of real estate, distribute funds from bank accounts, or divide personal property according to the terms of the will. If disputes arise among beneficiaries, the executor may need to mediate or seek guidance from the court to resolve the conflict.

In cases where no will exists, the executor will distribute assets according to Colorado’s intestate succession laws, which determine how property is divided among the decedent’s closest relatives.

6. Closing the Estate

The final responsibility of an executor is to close the estate once all duties have been completed. This involves submitting a final accounting to the court, which provides a detailed report of the estate’s assets, debts, expenses, and distributions.

Once the court approves the final accounting, the executor can file a petition to close probate. At this point, their legal responsibilities are complete, and the estate is officially closed.

Challenges Executors May Face During Probate

Serving as an executor can be a challenging role, particularly if the estate is large, complex, or involves contentious family dynamics. Common challenges include:

• Dealing with disagreements among beneficiaries
• Navigating legal and tax requirements
• Handling time-sensitive tasks while balancing personal responsibilities
• Managing estates with insufficient funds to cover debts and expenses

To overcome these challenges, many executors choose to work with a probate attorney who can provide expert guidance and ensure that all legal requirements are met.

Call Evans Case Today to Speak With a Trusted Probate Attorney

If you’ve been named as an executor, working with an experienced probate attorney can make the process smoother and less stressful. An attorney can assist with:

• Filing the necessary legal documents to initiate probate
• Managing and valuing the estate’s assets
• Ensuring compliance with Colorado’s probate laws
• Resolving disputes among beneficiaries or creditors

At Evans Case, we have extensive experience helping executors navigate the probate process with confidence. Whether you’re dealing with a straightforward estate or a complex dispute, our team is here to provide the support and expertise you need.

If you’ve been named as an executor or have questions about probate, contact us today to schedule a consultation. We’re ready to guide you through every step of the process and ensure the estate is handled with care and professionalism.