It’s a hard job, but someone’s got to do it. That can be said for any difficult job, but it’s especially true for an Estate Executor or Estate Administrator, specifically the latter part. Anyone close to the party that writes the Will can be named as Executor. And that person is then legally bound by law, unless they have a legitimate excuse that renders them unable to perform their duty, to do it.
Here are a few tips to help you through the ordeal if you do find yourself burdened with it.
As Executor of the Estate, you are responsible for arranging the funeral of the deceased. The costs are to be paid out of the Estate itself. Make sure you obtain the death certificate for various tasks that are associated with the funeral. The funeral home will ask for copies, and so will the bank, investment firms, and insurance companies, etc.
Make sure to obtain the Will as it is imperative to file the will in probate court usually within the first month of the party’s passing.
Chances are you are not a lawyer. In that case you should not be hesitant to approach one for advice on how to deal with this. It is your responsibility as an Estate Executor to make sure the Last Will and Testament of the deceased goes through the proper legal channels. The lawyer can offer you advice on how to dispose of the matter quickly and how to avoid certain legal fees and taxes.
The deceased usually leaves behind a list of assets that he/she wishes to be distributed to several heirs. These can range from bank account details, to small trinkets and items like paintings and wristwatches, and even documents and letters. It is imperative that you locate each and every one of these assets. The lawyer that helped write the Will probably has the list. Once the assets have been accounted for, it is important not to let the heirs take their inheritance until all the creditors have been paid, all legal fees and taxes are disposed of, and the probate process is complete.
The one thing you should not do during this process is hurry. It is imperative that you take your time as Estate Executor. You don’t want to be done with the process and then find out that you left a key heir out of the inheritance or a small legal fee or government tax unpaid.