Posted by Dana Law Group on July 8, 2022
Being asked to be the executor of an estate is a significant responsibility. Therefore, before you accept this role, you must understand all the obligations you will need to fulfill as the executor. Below is a summary of all the duties you will take on if you accept this important role.
As an administrator of an estate, you have many obligations that are important for you to understand. While an attorney is not required to administer an estate, one of the best ways to understand your responsibilities is to speak with an attorney so they can help guide you through the process and ensure you carry out all of your obligations. The professionals at Dana Law Group would be happy to assist.
Once you understand your obligations, you will want to go ahead and collect the decedents’ paperwork so you can begin to carry out your duties. The most important document you will need is the will. It may be at the house or filed with the courts. If you cannot track down a copy of the will, you will want to go to the courts to be guided on how best to proceed. Other documents you will want to gather include the death certificate, marriage certificates, investment records, asset titles, and property deeds.
Another critical role of the executor is to evaluate all assets and liabilities. You will collect all of the financial records and have assets like cars and homes appraised, so you know the current value. In addition, you will need to pay off debts, end any contractual obligations such as a lease and notify the financial institutions about the death. Finally, to pay the bills, you should open up a bank account for the estate.
You will also be responsible for filing a tax return for the decedent. The taxes owed should be based on the values of their assets when they passed away.
Prepare the final numbers and distribute the assets
After the debts and liabilities have been paid, you will now be able to distribute the remaining assets to the beneficiaries. You will use the will to do so at the decedent’s wishes. If there is no will, the courts will guide you on how the distribution should occur. Once the distribution is completed, you will close the estate with the court.
If you have any questions about becoming an executor of an estate, reach out to the lawyers Dana Law Group today.