Being named the executor of an estate is both an honor and a responsibility. Executors are tasked with helping to ensure that a loved one’s wishes are carried out and that their estate is handled according to the law.
Unfortunately, estate administration is rarely a truly straightforward task. For those unfamiliar with the process, probate can seem overwhelming. Having a clear checklist of initial steps can make the process more manageable and help them avoid potentially costly mistakes.
Taking action in thoughtful, informed ways
The first step in estate administration is – often, although not always – to locate the deceased’s will and any other estate planning documents that they may have executed during their lifetime. These may include trusts, codicils and instructions regarding funeral arrangements. An original will is typically required by the court, so it is important to find it quickly and ensure it is kept safe. Once located, the executor should also confirm whether the deceased named an attorney or other advisors to assist with probate.
Next, the executor must file the will – if one is available – with the probate court to officially open the estate. This step gives the executor legal authority to act on behalf of the estate, often referred to as “letters testamentary.” Most of the time, without this authorization, banks and other institutions will not release information or allow transactions. If no will is available, it is likely that the deceased’s estate will be subject to probate anyway. Seeking experienced legal guidance under these circumstances can help survivors to seek clarity about what is required by the laws of the state in which the deceased passed away.
The executor should then gather key documents, including death certificates, financial account statements, property deeds, insurance policies and tax returns. These records will likely be necessary for valuing the estate and ensuring that debts, taxes and distributions are handled correctly.
Another important duty of the executor is to create an inventory of the estate’s assets. This includes real estate, personal property, bank accounts, investments and business interests. Valuing these assets may require professional appraisals. The inventory generally must be submitted to the court to better ensure that all property is accounted for and properly distributed later.
During this time, the executor must also notify creditors and pay valid debts of the estate. It is important to avoid distributing assets to beneficiaries before ensuring that obligations are met, as doing so could create personal liability for the executor.
Finally, once debts and taxes are resolved, the executor distributes the remaining assets to beneficiaries in accordance with the will. A final accounting is generally required to close the estate with the court.
By following this guide and seeking experienced legal support, executors can approach probate with greater confidence, knowing they are meeting their legal duties and honoring their loved one’s wishes.
