A Beginners Guide To The Role Of Executor
If you have been appointed to be the executor of an estate, your first impulse might be a sense of panic and uncertainty, especially if you're not entirely familiar with what an executor actually does. It's important, however, that you take a moment to appreciate the honor that has been given you.
Only the most trusted of family members and friends are entrusted with this responsibility, and you have been judged by the testator to be fully capable of performing this important function. An executor's duties range from overseeing probate to the distribution of the estate according to the deceased's wishes. To learn more about what will be expected of you as an executor, read on.
Being an Executor is Not for Everyone
While being appointed executor of someone's will is undoubtedly a privilege, the job is not for everyone. It can be extremely time-consuming and stressful to manage an estate during probate, depending on the size of the estate and the beneficiaries. Probate can take several months to be complete, and you may be held liable if you manage the estate carelessly or fraudulently.
You may even become the target of a lawsuit by the beneficiaries and other concerned parties. Keep in mind that you can turn down this appointment if you feel unable to perform the duties; so speak up in a timely manner to allow the testator to make other arrangements.
Gather Important Documents
You can get yourself quickly up to speed and gain a valuable overview of the estate by examining the following documents as soon as possible after the testator passes away:
*The will. Often you can locate this document in a safe deposit box or lock box in the home, but the probate or estate lawyer will be able to provide you with a copy if need be.
*Death certificates. These may not become available until a few weeks after the death. Take care to order several certified copies; you will need to keep those certificates on hand to provide proof of the death to everyone from the Social Security Administration to creditors, and many more.
*Life insurance and burial policies. Locating these documents should be a top priority for you, since you may need to provide them to the funeral home in order for the family to make arrangements for the burial.
*Trusts. This legal instrument is similar in many ways to a will and will have an appointed trustee charged with administering the trust upon the owner's death.
*Checking and savings accounts.
*Safe deposit boxes. These boxes can hold valuable documents needed to administer the estate, jewelry, bonds and cash, and more, all of which are now part of the estate.
*Real estate deeds and vehicle titles.
*Tax returns.
*Investment accounts.
Death Notifications
You must notify the Social Security Administration, Medicare, health insurance companies, and all creditors of the death.
File the Will In Probate Court
The probate attorney is responsible for filing the will in your county probate court, but you should oversee this task to ensure that it is done in a timely manner.
Bills and Taxes
You are responsible for filing and paying any taxes owed. Be sure to consult with the estate or probate attorney about which bills to pay during probate and which to pay after probate.
Distribute the Estate
Your final responsibility will be to distribute the assets when probate is complete. This important duty requires fairness, discretion and sensitivity.
Count on the support of an estate or probate attorney like one from O'Connor Mikita & Davidson LLC to ensure that you live up to the honor of the appointment.