While navigating probate, many people feel intimidated after accepting the job of executor of a will and testament. However, this process is not as complicated as it seems.
Executors are mainly responsible for overseeing the deceased person’s last wishes, as well as taking care of any financial issues left behind.
Starting the process
Unlike having powers of attorney, which involves decisions about the person’s health, an executor mostly deals with money and property. Your first step is to read the will and determine what funeral arrangements to make. From there, you must note all the deceased person’s assets and manage who receives each one.
Paying off debts
Now that you are an officer of the court, you have a legal duty to complete any tasks to the best of your ability. If the deceased person owed money, you are responsible for paying any taxes left behind and canceling any credit cards.
You may be legally liable for any debts that are not paid off. You should also never funnel money from the deceased person’s account into yours or another person’s account. Property and insurance payments are also common debts many executors handle.
One of the most crucial parts of the process is contacting anyone involved, such as family members or close friends who will receive money or property. Being thorough and direct when alerting people is important since you are responsible for distributing any items left according to the deceased person’s wishes.
Once you finish all probate tasks to the best of your ability, you should schedule a court hearing to finalize the process.