Tasks That Must Be Completed by Your Executor
This is not a fun project, but it must be done. An executor needs to be chosen so they can have a say in what happens to your estate. “Being an executor can be harder than you think. Often, loved ones are chosen, as in many instances they should be, but frankly, they are usually unprepared and then overwhelmed,” says David Frisch, of Frisch Financial Group.
Here is a list of many of the tasks that an executor will need to take on.
1. Obtain a death certificate
A death certificate will be required during the settling of a loved-ones’ estate. A death certificate will be issued by the county you live in and signed by the physician who pronounced your loved one as deceased. Nicholas Bunio of Brookstone Wealth Advisors explains, “If [executors] don’t know what they’re doing, they must find and attorney who does. Otherwise, the beneficiaries of the estate could sue the executor!”
2. Notify the probate court
This is important because probate will handle your assets after you die. Your executor will need to petition the probate court in the area where you lived. To do this, they will need to get a letter of administration or testamentary.
3. Inform all interested parties
Most of the people close to you and your family will be aware that you have passed. They will know due to attending a funeral or having seen the obituary. Your executor will need to report your death to the Social Security department, banks and all of your financial institutions.
4. Pay all debts and file all taxes
This is a job that your executor will do. They will need to settle all of your obligations with creditors and file your income taxes. This will also apply to inheritance or estate taxes as well.
5. Inventory your assets and plan for their distribution
An executor will make the decision of what assets will go to probate court and what assets will not be taken to probate. This will include property, financial accounts or investments that do not have a requirement to go through probate. This can be due to the fact that the account is a joint account or that it is held in a trust that you established. As the executor you will also determine what items to be sold, kept or discarded. A lot of times these are decided according to the will.
6. Distribute your assets among your beneficiaries
This is done after all of the bills and taxes have been paid and are up to date. As the executor, you will divide the assets according to what is instructed in the will.
7.Complete the final accounting, and all required forms
This is the final step for the executor. The executor will dissolve any of your existing accounts and check that the court has everything it needs to complete your estate settlement.