Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

Duties in estate administration

Ohio residents who have been named the executor of a loved one's will might wonder what their responsibilities are. Usually, the first thing that must be done in such a situation is identifying and securing assets. They should obtain several copies of the death certificate since this will be necessary in some cases. Other types of assets may involve filing a claim or other actions.

It might also be necessary to hire an appraiser to assess the value of the decedent's property. If the decedent was a collector, it might be necessary to hire a specialist to appraise the collection. Real estate and businesses may also need to be appraised, and financial assets must be valued as well.

The executor is a fiduciary acting on behalf of the testator's beneficiaries and needs these assessments of value for several reasons. One is that the probate court may require an inventory report. Another is that the valuation may be necessary in order to complete state and federal income tax forms. Finally, knowing the full value of the estate allows the fiduciary to assess whether those assets are sufficiently insured.

While executors are responsible for managing an estate and its assets effectively, they do not necessarily have to be financial experts. The right choice is someone who is organized, responsible and trustworthy, but that person may hire professionals to assist them in managing the estate. This assistance may range from ensuring that estate assets are invested wisely to ensuring that tax forms are filled out and submitted on time. Executors should keep careful financial records in case a beneficiary challenges their actions. Eventually, they will also be responsible for the distribution of assets to beneficiaries once any debts have been paid.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • Golden opportunities

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
PS Executive Centers
1991 Crocker Road
Suite 600
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us