If someone has named you as an executor of their will, they likely believe you are a trustworthy and organized individual who will fulfill their final wishes.
You, on the other hand, may feel completely overwhelmed and unsure how to begin. Having a clear understanding of your executor duties can help you decide if you can handle the task and your options if you wish to delegate them.
1. Probate
The first task of an executor is filing the will with the county clerk’s office. They will validate the will and give you the legal authority to open probate. You must read over the will carefully and identify the beneficiaries and any specific instructions.
2. Notifications
Government agencies, such as Social Security, financial institutions and named beneficiaries must be informed of the death.
3. Asset inventory
You will need to conduct a thorough inventory of everything belonging to the estate, including bank accounts, investments, personal belongings, large ticket items and real estate.
4. Taxes and debts
Review loans, unpaid bills and credit card balances to see how much money from the estate is owed to lenders. You must also file a final income tax return and pay any owed taxes. Before you can distribute anything to the heirs and beneficiaries, the estate’s assets must go towards outstanding debt.
5. Beneficiaries
After settling debts and taxes, the remaining assets will be distributed per the will’s instructions.
Throughout the process, it’s essential to keep detailed records of all transactions and distributions. You will need to provide a final accounting of how the estate was managed. If all estate matters have been settled, you can notify the court and request the probate process be closed.
Being an executor takes a considerable amount of time. If you feel you can’t effectively carry out the role, then you will need to inform the probate court, which will appoint an estate administrator.
