The Fiduciary is responsible for managing the decedent’s estate through the probate process. Duties and responsibilities of a Fiduciary include, but are not limited to, the following:
1. Obtain required information:
Original Will, if one exists.
Names & Addresses of all Next of Kin and Will Beneficiaries.
Copies of Death Certificate.
List of assets with initial best estimate of date of death value.
Copy of funeral bill.
2. Open the Probate with the Court & make Notice to interested parties.
3. Obtain an Estate Tax Id Number (EIN) & open an Estate Checking Account.
4. Inventory the Probate Assets:
Determine all of the probate assets and accurate date of death values.
5. Manage the Probate Assets:
Gather and account for all assets in the name of the decedent.
Take possession of, manage, and care for and preserve the decedent’s property.
Receive payments due the estate, including interest, dividends and other income.
Collect debts, claims and notes due the decedent.
6. Pay all just debts of the estate:
Pay all valid bills of the estate.
Pay federal and state income taxes by April 15 the year following the decedent’s death.
If applicable, file federal estate taxes within 9 months from the date of death.
7. Distribute the remaining assets according to the will or Ohio's laws of intestacy.
8. File a final accounting showing that all receipts and disbursements.
9. Close the estate.
A probate attorney can assist you with your fiduciary responsibilities, along with the completion of the various required court forms, court filings and any necessary court hearings.
Attorney Deanna Durbin of the Akron, Ohio, law firm of Durbin Law Office, LLC, provides probate, estate planning, and trust and estate administration legal services in the cities of Akron, Bath, Richfield, Fairlawn, Copley, Norton, Wadsworth, Medina, Doylestown, Cuyahoga Falls, Stow, Tallmadge, Munroe Falls, Hudson, and surrounding Summit, Stark & Medina County areas.
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