MESNE PROFITS. The word âMesne Profitsâ can be understood as rents or profits accruing during the rightful ownerâs exclusion from his land. Justice Low of the British Columbia Court of Appeal adopted these words relating to âMesne profits.
Responsibilities to Government. An executorâs main responsibility to government is to pay the required taxes. According to the American Bar Association, there are usually two kinds of tax returns that you must file. The first is a personal return on behalf of the decedent, and the second is for the estate. In order to file a tax return for the estate, the executor must first apply for a new tax identification number.
Paying Off Debts of the Estate. A big part of the executors job is to settle the debts of the estate. Here's an overview on what you'll need to do. by Mary Randolph, J.D. One of the executorâs most important jobs is to pay the legitimate debts of the deceased person and the estate, using estate assets. How to Start.