We all know how important it is to have a will, but do you know what to do if you are named as an executor of someone's will? The executor of a will is legally responsible for the management of the deceased's financial obligations.
The executor is named in the deceased's will or may be appointed by a court to manage the financial side of the estate. Regardless of whether you knew you were going to be listed as the executor or you were appointed by a court, you need to understand the duties you are expected to complete.
The first thing you should do is get a copy of the will and review all instructions for managing the estate. After that, you will need to file a petition to have the will go through probate court. You will then collect the assets from the estate and distribute them accordingly, along with paying any required debt and bills.
In addition to the steps listed above, you will also be responsible for specific duties associated with the will and estate. Some of the duties involved with being the executor of a will include:
- Distributing assets in accordance with the terms of the will
- Paying taxes and bills by the estate
- Maintaining the property until property is sold or the estate is settled
Managing the assets and liabilities of an estate can seem overwhelming. You are responsible for handling the financial obligations of the estate according to the deceased's wishes. This can be hard to do, especially if you are still mourning the loss a loved one.
This is a big responsibility and it is OK to ask for help from an experienced professional like a probate lawyer. A probate attorney can help you understand your duties and obligations and make sure the details outlined in the will are followed according to your loved one's wishes.