As the executor of a loved one’s will, you have the crucial responsibility of fulfilling their last wishes and acting in the best interests of the estate. But what does this exactly entail?
If you are unsure what to do once your loved one passes, here are some of the most important responsibilities you can expect after the probate process starts.
Inventorying assets and managing distribution
First, you must identify, locate, value and list all the deceased’s assets. These may include:
- Real estate
- Bank accounts
- Personal property
- Bank accounts
- Other items of value
Before asset distribution, you need to pay off all debts, taxes and final expenses of the estate. Only then can you distribute what is left over.
If there is a will, you are responsible for contacting the beneficiaries and distributing their inheritance. Otherwise, distribution follows state distribution laws.
Transferring ownership to beneficiaries
Part of asset distribution is handling legal transfers of ownership for assets like real estate or vehicles.
The process can be just as complex as any other legal transfer. For real estate, you must prepare the deed, file it with the county and clear any liens. For vehicles, you need to complete a title transfer and notify the Department of Motor Vehicles.
Closing financial and insurance accounts
As the executor, you also have the duty of closing any financial accounts and terminating insurance policies your loved one had. These typically include Social Security, health insurance, retirement accounts and bank accounts.
Formally closing the estate
After you meet all the requirements and fulfill your loved one’s last wishes, you must provide a final accounting to the court and beneficiaries. This will include all transactions and distributions from the estate.
Managing a loved one’s estate is often more complicated than it seems. It requires careful attention to detail and some level of knowledge about legal processes. If you are unsure how to handle every step or legal issues arise, an experienced probate attorney may provide the relief you are looking for.
