Executor Guidelines | 5-minute read
Real Property, Trust and Estate Law Section | Executors & Trustees | ABA

ABA Guidelines for Individual Executors & Trustees

Click HERE for Full Document.

The American Bar Association is a membership association of attorneys.  Founded in 1878, the ABA is the oldest professional association for attorneys in the US.  The ABA is not connected to any jurisdiction and membership is voluntary.

For the executor, direct contact with the ABA may not be necessary, but worth being aware of.  The Real Property, Trust and Estate Law Section is worth noting as authors of the “Guidelines for Individual Executors & Trustees” which serves as a good starting point for estate administration.

We provide the outline, some snippets, and commentary below, but strongly encourage you to read this document in full.

-Executorium

“Guidelines for Individual Executors & Trustees” covers…

Common Terms

• Fiduciary
• Grantor
• Testator
• Beneficiary
• Trustee
• Executor
• More in the ABA Estate Planning Glossary

Understanding the Will

If you’re the executor, this goes without saying, but YOU need to read the will and re-read and re-re-read the will.  At the end, you should have a list of questions for the estate attorney to clarify.
– EX

Managing Estate Assets

What is your duty as the Executor?  As executor, you are the fiduciary with responsibilities to act in the best interests of the estate and beneficiaries.
-EX

Handling Debts and Expenses

“Careful records should be kept, and receipts should always be obtained.”
– Guidelines for Individual Executors & Trustees by the American Bar Association

Funding the Bequests

The first takeaway is, “Clear all debts and expenses first.”
The second takeaway is, “Check with the estate attorney.”
– EX

Trust Administration

Closing the Estate

EX: This is the goal.  It is good to proceed with the end in mind: Debts and expenses paid. All assets have been distributed.  Necessary state and IRS tax clearances have been received. etc. Also…

“When such a formal proceeding is not required, it is nevertheless good practice to require all beneficiaries to sign a document, prepared by an attorney, in which they approve of your actions as fiduciary and acknowledge receipt of assets due them. This document protects the fiduciary from later claims by a beneficiary. ”
– Guidelines for Individual Executors & Trustees

 

Common Questions

• How do I title bank and other accounts?
• How do I sign my name in a fiduciary capacity?
• Where do I hold the estate assets?
• How (and how much) do I get paid?
• What if a beneficiary complains?
• Can I be sued or be held personally liable?
• How am I discharged as fiduciary at the end of the administration
• What if I want to resign?

See Full Document: Guidelines for Individual Executors & Trustees

ABA Estate Planning Glossary.  Includes many terms related to estate administration and probate: