Executor of a Will Executors Duties The Responsibilities of an Estate Executor
Most people who agree to be the executor of a will do not have a clue what they are in for. They are normally chosen because of a close relationship with the deceased person. They probably do not know how many executors duties there are involved in the probate process. Oddly enough, large estates are not normally the ones that prove difficult. With a large total estate value, a team of experts can be afforded to act as the executor of the will. They are experienced professionals who know exactly what to do and when to do it. However, in a modest estate, the close friend or family member is left to perform all the necessary responsibilities of the deceased’s personal representative.
Executors’ duties include a variety of responsibilities, from getting notarized copies of the death certificate to notifying the insurance companies to paying off all the debts of the person who has died. An executor of a will has to perform all duties in a specific order legally. There are some that must be handled immediately, while others can wait a bit. The first concern is to make sure that immediate family left behind is cared for and the home and possessions are protected. This can include providing financial assistance to the widow, changing the locks on the house, or even providing additional insurance, such as fire insurance. It is also the immediate responsibility of the executor to make sure all funeral arrangements and payments have been made, to distribute the obituary to the newspapers, and to notify the banks where the deceased had accounts of his or her death.
The next step is to locate the will and get copies of the death certificate. Important papers, such as insurance policies, mortgage documents, and other loan papers should also be located at this time. The executor of a will is responsible for notifying the companies holding life insurance policies on the deceased of the death. Benefits may be due to the survivors from other organizations, such as the Social Security Administration, the Veteran’s Administration, and current or past employers. It also falls into the executors duties to notify the post office and have all mail sent to the executor.
The executor of a will also has to present the will in probate court. Probate is regulated at the state level, so the executor will have to go through probate in every state where the deceased holds assets. The executors’ duties also include paying all taxes, including income, real estate, property, and estate taxes. After all debts are taken care of, the assets may be distributed according to the will’s directions.
Visit http://www.docuvital.com today to better understand the necessary steps to take as an executor of a will. Docuvital simplifies the executors duties to create a seamless and completely safe way to organize final affairs.
Processing your request, Please wait....
