There are many things to take care of when a loved one dies, from funeral arrangements to distributing the deceased’s estate. As an executor guide, your job is to carry out the wishes of the deceased as stated in their will. This means making sure that the beneficiaries outlined in the will receive everything they’re entitled to.
Your responsibilities as an executor may vary depending on the state you live in, but there are some basic duties you need to perform. It’s best to get a handle on what you’re responsible for as quickly as possible so that you can focus on other matters, such as contacting family members and friends and taking care of any financial obligations you have.
Before you can begin to administer an estate, you must first locate and contesting a will. This is an important step because it will determine who gets what property, whether you have to sell a home or set up trusts for children.
Unless the will states otherwise, you must locate your parent’s assets, including real estate, cash, bank accounts and any other items of value. This could mean tracing down a home’s tax records, finding an old safe deposit box and identifying where the testator’s investments are kept.
In addition to a will, the deceased’s medical records, financial statements and other documents should also be collected for your files. Then, you should write up a detailed account of the estate, listing assets, debts and liabilities.
The executor is required to notify creditors, heirs and any government agencies that provided benefits to the deceased. It’s also up to them to collect final wages and any insurance benefits, deposit those into the estate’s checking account and ensure that all owed debts are paid.
It’s also your responsibility to pay all expenses related to the death, including the funeral, medical bills, mortgage and utilities, as well as any probate fees or estate taxes. This will help preserve any available assets and avoid a bankruptcy proceeding or liens against the estate.
