Being named as an executor is a great honor. The deceased believed you to be a person of integrity and entrusted you with carrying out their final wishes.
But being the executor of someone’s estate can be overwhelming, especially if they had substantial assets. What are you supposed to do, and where do you start?
A fiduciary duty
As an executor, you are required to act in the estate’s best interests. There are legal, financial and administrative responsibilities that you will need to perform. The first requirement of an executor is to initiate the probate process. You must file the will with the Register of Wills in the county where the decedent lived. You will want to have the original will, death certificate and the names of the estate’s beneficiaries when you visit their office.
After initiating probate, your next step will be to identify, locate and secure the decedent’s assets, including real estate, personal property, bank accounts and retirement investments. You should keep a detailed record of everything inventoried. You also need to notify the financial institutions, insurance agencies and creditors of the decedent’s passing.
Before distributing the assets to the beneficiaries, any outstanding debts and taxes must be paid from the estate, including any funeral expenses and final medical bills.
After paying any debts and taxes, you can distribute the remaining assets to the beneficiaries. Once all the tasks have been completed, you must submit a comprehensive summary to the court, and the estate can be closed.
Serving as executor can take a significant amount of your time, especially if the estate is large and complex. Working with a legal representative can help you avoid mistakes as you fulfill your duties.