In Mississippi, an executor, also referred to as a personal representative, is responsible for managing the administration of an estate after someone passes away. The executor’s primary duties include:
- Filing the will: The executor starts by filing the deceased person’s will with the appropriate probate court in the county where the deceased resided.
- Gathering and managing assets: The executor is responsible for identifying, locating, and securing the deceased person’s assets, which may include bank accounts, real estate, investments, and personal belongings.
- Paying debts and taxes: The executor must determine and notify the creditors of the deceased person’s passing. They are then responsible for paying any outstanding debts and taxes owed by the estate using the assets of the estate.
- Inventory and appraisal: The executor prepares an inventory of the deceased person’s assets and obtains appraisals when necessary to determine the fair market value of certain assets.
- Distributing assets: After paying off debts, taxes, and administrative expenses, the executor distributes the remaining assets according to the instructions in the will or, if there is no will, according to state laws of intestacy.
- Filing tax returns: The executor may be required to file the deceased person’s final income tax return and, if necessary, an estate tax return.
- Keeping accurate records: The executor must maintain detailed and accurate records of all financial transactions, including receipts, expenses, and distributions made from the estate.
