You've Been Appointed Executor, Now What?
If you have recently lost a friend or family member, you may find yourself receiving a call to inform you that you have been named as the executor of the decedent's will. This can be intimidating, especially if you have no experience in this area. The following are some of the duties and responsibilities you will be charged with as you guide the estate through probate and into the hands of the decedent's heirs.
Probate Attorney
One of your first and most prolific tasks will be to work with the probate attorney that is handling the decedent's final estate. If no attorney has been appointed, you should retain the services of a qualified attorney to assist you with the probate process. You should stay in close communication with the probate attorney, to ensure that you are following the probate laws in your state and that there are no problems with the estate.
Documentation
You may also need to locate documents. The decedent's Last Will and Testament is the most important document; nothing can happen without this piece of paper. Once that is located, you will likely have to find titles and other paperwork for real estate and vehicles. You will also be charged with sending death certificates and other documents to interested parties to release the decedent from any financial obligations. This includes utilities, subscriptions and even debts. You will also send documentation to companies that hold assets, such as stock brokerage firms and banks, to release the assets to the estate for distribution among the heirs.
Debts
As the executor of the estate, you will be required to satisfy all debts against the estate. You will satisfy these obligations by using any cash assets belonging to the estate. Once the cash is depleted, if there are still debts, you must dispose of tangible property assets to pay off any outstanding obligations. This can be tricky, so again, it is important to work closely with a probate attorney.
Distribution of Assets
After all debts have been satisfied, any remaining assets should be divided according to the specifications set forth in the decedent's will. If there was no will at the time of death, you will distribute the assets according to state law. This can be confusing, especially if you have no background in the law, so you should have a probate attorney assist you with this process.
Serving as the executor of a will can be time-consuming, and you have every right to decline the responsibility at any time. However, as long as you have professionals, such as from Flaccus Law, assisting and you keep very detailed records, it can be a very fulfilling process.
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