Consulting with the appropriate professionals when necessary to determine the legitimacy of a bill or debt, an executor is responsible for paying bills and debts owed by the decedent out of funds found in the estate. An executor is also responsible for seeing that income and estate tax returns are prepared and filed by the appropriate professional.
Service as an executor typically lasts around a year from start to finish, but the time varies depending on the size and complexity of the estate. While as an executor, you must act in good faith, that does not mean you have to act alone. In fact, it is best to hire an estate attorney to help you with all the legal issues that must be handled.
Since, as executor, you will be responsible for seeing that the wishes in the will are followed, you should communicate an action plan to the beneficiaries. Throughout the process, it is important to continue to keep the lines of communication open between you and the beneficiaries.
Executor.org is a suite of free tools designed to help you navigate your role as an estate executor. If you haven’t done so already, answer a few simple questions and get a step-by-step plan to walk you you through your executor duties at no cost. It will save you time and money in the executor role.
Before you dive, head-first, into your executor duties, it makes sense to understand what your executor role will entail. An executor is a person named in a will to oversee the process of wrapping up the decedent’s estate and distributing ...
Service as an executor typically lasts around a year from start to finish, but the time varies depending on the size and complexity of the estate. While as an executor, you must act in good faith, that does not mean you have to act alone.
When a person dies and you know you are the executor of will, one of your first duties is to get the original version of the latest will as well as any trust documents the will-writer had. This is a good time to ask for the help of a lawyer, who can be beneficial in determining the validity of the will and how to proceed with filing it with the probate court. A lawyer can also be helpful if no will was written or the will cannot be found.
Personal property ranges from simple items like clothes and shoes to large or valuable items such as jewelry and cars. You should get a professional to value the assets so when the beneficiaries express an interest in particular ones, you can distribute as fairly as possible.
When assets are valued, interests of beneficiaries in personal property are determined, and debts are paid, you should next distribute the estate’s assets according to the will. To do so, you should calculate the value of the estate and the value of each beneficiary’s share. Assets can then be distributed.
This can include creating a bank account in the estate’s name, paying bills and maintaining a home or other property.
If a will-writer tells you that you are to serve as executor of that person’s will and that person is still living and able to speak with you about his/her wishes , you should talk with that person as soon as possible. You should ask the will-writer where the will is kept so you can easily get to it when the time comes.
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