What to do if you are named an Executor of a will
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by: tamia87
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Date: Fri, 10 Apr 2009 Time: 9:58 PM
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Filing the will. Even if there is no intention for the estate to go through probate court, it may be required by law for the Executor of the will to file it with the local probate court. This should be done right away to avoid fraudulent claims against the state and to make the process go as smoothly as possible.
Find the assets. Before paying debts and taxes on the estate, one must find where the assets of the departed are hidden if any. This could involve going through numerous files and statements. Once discovered, they need to be managed by the Executor, which may involve selling property or stock in order to better distribute the assets later.
Find the heirs. Hopefully, the deceased person left a will and was specific as to who would inherit what. In cases where there is a will or a questionable one, the Executor should consider state laws to decide who the heirs are. In cases where conflict arises, probate court may be the only way through the process.
Day-to-day affairs. As Executor, it is important to manage ongoing expenses. These could be mortgage payments, credit card bills, utilities, and home insurance premiums. Also, it is vital to notify the appropriate entities about the deceased’s death. These include the post office, the social security administration, banks, and other such organizations.
Create a bank account. It is important to set up a new bank account for all of the deceased’s incoming assets. These might include paychecks, rent checks (from tenants), or stock dividends. This adds clarity to the situation and can aid if the estate ever goes into probate by providing an additional paper trail.
After paying off debts and taxes, the deceased’s property can be distributed. It is the Executor’s duty to supervise this distribution of the property(s) and ensure they go to the proper heirs. These heirs could be family, friends or organizations the deceased specified in their will.
The entire process can be short or it can take quite a long time. It depends greatly on the size and complexity of the estate, the clarity of the will (if any), and the absence or presence of any disputes over assets. Executors, in general, are picked for their formidable honesty and it can be a lot to live up to during such emotional circumstances as the death of a loved one. Adhering to the wishes of the deceased will ensure the process goes as quickly as it can and as smoothly as possible.
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