Being chosen as an executor means the deceased trusted you enough to believe you will ensure their final wishes come true. It is an immense honor to be chosen, but the intricacies of estate administration can sometimes be overwhelming.
Fortunately, an approach involving knowledge, organization and legal guidance can ensure a smooth and efficient process for all parties.
Know Your Role
Estate administration involves a great many detail-oriented tasks. You must find the deceased’s assets and identify (then locate) beneficiaries named in the will or trust. There will be paperwork – perhaps lots of it – to file with the probate court, and ultimately, you will be responsible for distributing the estate according to the deceased’s wishes.
Familiarizing yourself with the specific probate laws in Indiana can ensure you follow the proper procedures.
Hone your organizational skills
Since you will have a considerable number of tasks to complete as an estate executor, good organizational skills are invaluable. Here are two tips to help you master estate administration.
- Develop an efficient filing system. Allocate dedicated folders for essential documents like the will, property deeds, trust documents and financial statements. It can save you endless headaches when you need to locate something specific.
- Track all financial matters meticulously. The estate’s finances require close attention. Create a spreadsheet to record all assets, debts, administrative expenses and other financial transactions. Transparency helps you manage your tasks and may prevent beneficiary disputes.
Do not be alarmed if you feel you are in over your head at some point during your tenure. Complexities can and often do develop, especially with large estates. Guidance from an estate law representative can help you deal with complicated matters as they arise.
