"I was just named independent executor. What do I need to know?"
You need to understand the importance of the job and the duties and powers that come with it. Ask an attorney what is involved before agreeing to serve.
What is a fiduciary duty?
A fiduciary is a person with a legal duty to act primarily for the benefit of another. As independent executor you act primarily for the beneficiaries of the estate and owe them legal, fiduciary duties in managing and administering it. The law requires a high standard of ethical conduct. Some duties are imposed by statute, some by case law, and some by the will itself — you should have them explained to you specifically.
Can I serve without an attorney?
Probably not. Most courts will not allow a person to act in a fiduciary capacity without an attorney. Even where a court permits it, it is a bad idea: doing a poor job as independent executor can result in personal liability.
"I was appointed, but they said I had not qualified yet."
Once the judge signs the order appointing you, you must still qualify in order to receive letters testamentary. To qualify, you take an oath and file it with the court. If the order admitting the will required a bond, that bond must also be filed and approved.
What administration usually involves
- Filing the application to probate the will and admitting it to probate
- Qualifying and obtaining letters testamentary
- Notice to beneficiaries and to creditors
- Inventory, appraisement, and list of claims (or affidavit in lieu)
- Collecting, managing, and transferring estate assets
- Paying valid debts and expenses, then distributing to beneficiaries