As you make your will, you may be given the option to name an executor of the estate. An executor is responsible for fulfilling your last wishes and settling your estate. Anyone of legal age can be your executor.
However, you may want to pick someone who is trusted and responsible because they have a lot of duties to accomplish. Here is what you should know as you prepare your executor for their role:
7 tasks for the executor to complete
Settling an estate is not an easy task. However, an executor can prepare for their role by creating a list of tasks they may need to complete. These tasks include:
- Collect death certificates: The executor should collect several copies of the death certificate. These documents will likely be used to show proof that you have passed away to interested parties.
- Locate the will: The executor should be able to locate your will so that they can perform their duties.
- Submit the will to probate court: A valid will should be submitted to a probate court. The court will determine the legitimacy of the will and decide whether probate is necessary.
- Locate assets: The executor may need to locate assets, including real estate properties, bank savings and insurance policies. These assets may be used to complete the executor’s duties.
- Contact interested parties: The executor may need to contact your bank, debt collectors and other parties that may need to be aware of your passing.
- Pay financial expenses: You may have remaining debts and tax payments. Your executor can use your assets to resolve these financial obligations.
- Contact beneficiaries: The executor may need to contact beneficiaries so that they can distribute assets to them.
If an executor fails to complete their tasks, they may breach their fiduciary duty, which can lead to legal issues. It can help to prepare your executor for their role ahead of time – and for your executor to seek legal guidance when the time comes.
