The executor is tasked with ensuring the proper management of the estate's administration. Responsibilities include:

• Providing notice to beneficiaries and heirs of the estate.

• Safe-guarding and gathering assets.

• Paying off debts and settling taxes.

• Distributing remaining assets to beneficiaries as directed by the will or statute. 

• Filing necessary reports, particularly the inventory and accounting to the commissioner of accounts. 

• Keeping detailed records of all financial transactions.

• Acting in the best interest of the estate and beneficiaries, while adhering to state laws and regulations. 

Yes, an executor can be held personally liable for any errors or misconduct in the management of the estate.

Yes, an executor is entitled to reasonable compensation for their services, subject to approval from the commissioner of accounts. Compensation can also be waived by the executor if they choose. The fee schedule for compensation is found here.  Keep in mind that this fee is generally taxable as income to the executor.

Some common mistakes include:

• Rushing into probate without exploring alternative options or determining if probate is truly necessary.

• Mismanaging estate funds or assets.

• Failing to settle debts and taxes.

• Not keeping accurate records. 

• Disregarding the terms of the Will or failing to follow intestacy succession when there is no Will. 

• Not seeking professional assistance when needed. 

No, being named as Executor in a Will does not mean you are obligated to take on the role. You have the right to decline. However, once formally appointed by the Court, you are legally required to carry out your duties unless you petition the Court to step down from the position.