When a person dies leaving a will, the will frequently identifies the individual who is to be the executor of the estate. If the decedent died intestate (without leaving a will), then a close relative might assume the responsibilities of handling the estate or the court will appoint an administrator. As I am learning firsthand, being an executor of an estate with a will is not easy. I can imagine the frustration of the poor soul managing an estate without one.
In the District of Columbia where I live the executor (executrix, for a female) is called the personal representative. If you have never been an executor or a PR, you have probably heard the words, but don’t know exactly what they mean. If you already know it all, then read something else. But for the benefit of people like me, who had a clue, but didn’t really know what the job entailed, I will try to explain it to you, as one layperson to another. A heads up – so you won’t be confused – I will be using both titles, executor and PR, interchangeably.
The executor manages the deceased person’s property: bank accounts, furniture and other valuables and delivers the assets to the heirs or other beneficiaries. He or she opens an estate account, transfers the decedent’s cash assets into that account, and uses the funds to pay the late person’s bills, creditors, and beneficiaries. The estate account requires an EIN (Estate Identification Number) obtained from the IRS, because the PR must file an individual income tax return for the decedent and pay the estate tax.