Being named the executor of a will brings with it a wide variety of important duties that must be carried out to meet the wishes of the decedent. If you have been named as an executor, here are several of the functions you may need to undertake:
Many times this will be left with the family attorney or kept safely with important family papers, or may even be stored in a safety deposit box at a local bank.
Not all estates require the assistance of a lawyer, but having one can smooth out any problems before they become larger or unmanageable for the executor.
This may range from securing jewelry and other valuables, to making payments on real estate and other tangibles, or whatever an individual situation may demand.
You will need to make sure the will is, in fact, the deceased person’s final will. You will need to notify beneficiaries named in the will and set up a bank account for the estate to start the process of disbursing assets.
This will include making sure creditors know about the death, making arrangements to appear before the probate court, sending death notices to all relevant parties, determine what debts the estate owes, contact Social Security and life insurance companies, and notify the IRS. Depending on your situation, there may be other parties to contact as well.
Until real estate is disposed of, you may need to make mortgage payments, utility bill payments, and others as required.
In accordance with the deceased person’s wishes, you will need to distribute assets to beneficiaries. In some cases, the transfer may be complicated to some degree, and if it is, you might consider retaining the services of an estate attorney to assist you.
Once all of your tasks have been completed, this is the final step you will take as an executor.
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