Once an executor or administrator is appointed for an Ohio estate, the executor or administrator must begin to fulfil the many duties that come along with the role. The duties of an executor or administrator of an Ohio estate include:
- Collecting and managing the decedent’s assets
- Paying taxes
- Preparing and filing the estate inventory
- Locating and managing creditors and paying debts
- Selling estate property
- Distributing and closing the estate
Collecting and Managing Assets
One of the first and most important duties of an Ohio estate executor or administer is to locate and collect the decedent’s assets that are subject to administration. This includes decedent’s bank accounts, real property, digital assets, and other personal property.
The Ohio executor or administrator must keep clear and accurate records of the assets that come into his or her possession, and document all expenses.
Paying Taxes
Another one of the duties of the Ohio estate executor or administrator is to address any federal estate tax liability. This is only for very large estates. Ohio currently does not have an estate tax.
Preparing and Filing the Estate Inventory
An Ohio executor or administrator is also tasked with preparing and filing an inventory of the estate.
The inventory is due within three months from the appointment of the executor or administrator. See Deadlines and Timelines in Ohio Probate.
To learn more, read Inventory and Appraisal in Ohio Probate.
Creditors Of the Ohio Probate Estate
Dealing with creditors is another one of the key duties of an Ohio executor or administrator. The executor or administrator must address any creditor claims that are filed in the estate.
Generally a creditor of an Ohio estate has to present a claim within six months after the death of the decedent. An Ohio executor or administrator can shorten this deadline to 30 days if he or she sends the creditor notice. Read Creditor Claims In Ohio Probate.
Duty To Sell Estate Property
Another one of the duties of the Ohio estate executor or administrator is to sell estate property. The will might direct the fiduciary to sell decedent’s personal or real property, and, if so, the Ohio executor can proceed with the sale without court order.
The Ohio Revised Code, § 2113.39, permits a sale of estate property for any purpose considered by the fiduciary to be in the best interest of the estate, unless there is an express limitation stating otherwise in the will or devise. If the will is silent, the Ohio fiduciary must apply to the Ohio probate court for permission to sell real or personal property.
Distributing and Closing the Ohio Estate
The final duties of the Ohio executor or administrator include distributing the estate. The Ohio probate court or interested person may compel the executor or administrator to render an account of the estate at any time. After completing administration of the estate, the Ohio executor or administrator is required to render a final account within 30 days. Ohio Revised Code § 2109.301(A).
An Ohio executor or administrator is not left to fulfill these duties alone, and will be guided by their Ohio probate attorney throughout the administration of the estate.
