Losing a loved one is a traumatic experience for most people, even if the death was expected. One way that some people try to make their death easier on their loved ones is by getting their estate plans together. When they do this, they’ll name an executor to handle their estate.
If you’re named as an executor for someone’s estate, it’s critical that you understand the duties you have. These are some of the duties to expect to handle:
Initiate the probate process
You’ll have to file the will with the probate court so it can be validated. The court will grant you legal authority to take care of the estate. It’s possible that some estates may be small enough to qualify for simplified probate proceedings.
Identify and protect assets
You’ll be responsible for locating the assets that are named in the estate plan. This can include real estate, bank accounts, investments and other personal property. You must maintain these until you can distribute them to the beneficiaries.
Pay debts and taxes
Before you can pass the assets to the beneficiaries, all outstanding debts and taxes must be taken care of. Part of this process involves notifying creditors, reviewing the claims and paying the ones that are valid. You also have to file the estate’s final tax return.
Distribute assets
You can distribute the assets to the named beneficiaries after the debts and taxes are paid. This may involve transferring titles and handling other paperwork. In some cases, you may need the court’s approval to take care of some of these matters.
Once the estate is successfully handled, you’ll have to close the estate. It may be necessary to seek assistance through some of this process, so it’s a good idea to have someone on your side who can assist with this.