.How to Be the Executor of an Estate
How to Be the Executor of an Estate
Posted in Dinar Recaps Archives on 7/26/2019
How to Be the Executor of an Estate: Duties & Responsibilities
Beth Braverman Jun 4, 2019
Dealing with the aftermath of the death of a loved one can be an incredibly emotional time. That said, it’s also a very important time financially, for you and for other people named in this person’s last will and testament.
If you’ve been named the executor of an estate, duties include making sure all of your loved one’s belongings are collected and distributed in accordance with their wishes. Being named an executor of a will is a big honor, but it’s also a big responsibility.
Follow these steps to make the process go as smoothly as possible.
1. Find the Will Naming You Executor of the Estate
Start by finding the original will. “There’s only one original document, or there should be,” says Mari Galvin, a partner at the law firm Cassin & Cassin, who specializes in estate planning. “That’s presented to the court to be verified as the true wishes of the decedent, done according to the statutes.”
The deceased person’s attorney will typically have the will. If this person didn’t have a lawyer, or you don’t have their lawyer’s contact information, check file cabinets, safe deposit boxes and desk drawers.
Once you find the will, keep it in a safe place where you’ll have continuing access to it. If there’s no will, a probate court will appoint an executor to administer the will in accordance with the state law. If you’ve been named executor but don’t want to do the job, the court will appoint someone else.
2. Secure the Property
If your loved one has left behind an empty home, it’s important to make sure that the property is protected. Remove any tangible items of value and change the locks on the doors. That way you’ll ensure no one can enter the property without your permission..
You’ll also want to forward any mail to yourself, and update the insurance company that the property is now vacant. If damage occurs to the property while it’s in probate, the executor of the will could be liable for the costs if she hasn’t taken reasonable steps to protect it.
If family members or others ask about specific items in the home, it’s your legal responsibility to inventory everything first. If any creditors are owed money from the estate, they should get paid first, even if other distributions are explicitly outlined in the will. Otherwise, you might end up without enough cash on hand to settle outstanding debts, Galvin says.
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