Being named an executor is an honor that comes at a difficult time. But looking after the estate of a loved one after they are gone is a privilege that comes with many responsibilities. You must manage paperwork, assets, and maintenance costs. Moreover, as executor of the estate, you are responsible for carrying out the will of the deceased. If you have been named executor of an estate, here are three duties you must manage. Asset Distribution The primary role of the executor is to distribute the estate's property according to the decedent's wishes. This also includes paying for maintenance costs during probate and before distribution can occur. As the executor, you are responsible for paying any mortgage, utility, car, and other necessary bills until the beneficiaries take over those responsibilities. Although some assets may avoid probate, the executor must file the will in probate court in most states. Paperwork and Notification As executor, you must obtain copies of the death certificate from the funeral home. This is necessary to file a tax return for the decedent’s final year of Your Role as Executor Estate Plan Responsibilities Explained
life and to file a life insurance claim. It will also be required when notifying applicable government agencies, such as the Social Security Administration, of the decedent’s passing. It will also be your responsibility to notify the decedent’s credit card company, banks, and mortgage lenders. Funeral Arrangements and Accounts The decedent’s wishes for funeral arrangements will most likely be included in the will, and it is your role as executor to carry them out. Additionally, all payments made on behalf of the decedent should come from an estate account. Establishing an estate account for dividend payments, paychecks, tax refunds, and burial expenses is key. This role may seem complicated, but whoever gave it to you knew you were up to the task.
MOVIEMAKING MUCK
TINSELTOWN’S BIGGEST FINANCIAL FUMBLES
When it comes to financial success, not all of Hollywood’s glitter turns out to be gold. The history of filmmaking is full of shocking tales of economic disasters that left studios with significant shortfalls and movie stars with stained reputations. Whether they're caused by hubris, happenstance, or monetary mishaps, some films are remembered more for their failure than for dazzling fans. Here are three of the most jaw-dropping flops.
The ‘Ishtar’ Implosion This major marquee muscle, courtesy of legendary actors Warren Beatty and Dustin Hoffman, had a then-staggering $51 million budget. What could possibly go wrong? Well, everything . With rumors of production woes making headlines well before its premiere in May 1987, “Ishtar” was disastrous enough for its title to become the go-to word to describe bloated creative debacles. Despite its high- powered cast and mountains of cash, the film was almost universally criticized for its lack of engaging storytelling, earning a dismal $14 million at the box office. Late film critic Roger Ebert infamously called the film “truly dreadful” and a “lifeless, massive, lumbering exercise in failed comedy.” In an industry where money talks, “Ishtar’s’’ swift plummet in public opinion was no joke. The ‘Waterworld’ Washout Back in the ‘90s, Kevin Costner was a big enough household name to receive $100 million to make his 1995 sci-fi epic,
“Waterworld” — and then pile on an additional $72 million when production issues and the departure of original director Kevin Reynolds necessitated more funding. Oh, and an extra $60 million was spent on marketing. After blowing nearly a quarter of a billion dollars, “Waterworld” made just $88 million in ticket sales. Unlike Costner’s namesake character in “Robin Hood: Prince of Thieves,” Costner took from the rich and … well … that was about it. The ‘Cats’ Cash Crisis Andrew Lloyd Webber’s “Cats” is one of Broadway’s most beloved productions. (After all, how can anyone who’s ever heard actress Betty Buckley’s rendition of the song “Memory’’ ever forget it?) So, when the CGI-heavy trailer for its 2019 film adaptation hit social media, fans were … immediately perplexed. Despite boasting the on-screen talents of Dame Judi Dench and “The Wire’s” Idris Elba, the controversial feline-centric flick spilled the milk at $75.5 million worldwide, dumping dismal returns on its larger budget.
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