How is an estate settled after a loved one passes away? How are assets distributed to family and loved ones? This responsibility is typically left to the executor of the estate. An executor is typically named in a testator’s will. The executor has several months to over a year to settle an estate during the probate process.
There are several responsibilities expected from the executor. Fulfilling these duties can take time depending on the complexity of the estate. Here is what is expected of the executor:
Collect death certificates
One the first things the executor is expected to do is collect the death certificates of the deceased. Several death certificates may be used during the probate process to notify interested parties of the testator’s passing, access financial accounts and begin the probate process.
Locate the will
Another important task for the executor is to locate the will. The will is an important document that can be submitted to a probate court to oversee the settlement of an estate.
Pay taxes and debts
The testator may have unresolved financial matters when they pass away. The executor may be responsible for paying taxes, debts and other financial matters with the use of the estate’s funds.
Reach out to beneficiaries
The executor may need to reach out to beneficiaries to notify them of their inheritance. This helps ensure that assets in an estate go to the right beneficiary.
Distribute assets
Typically, the last step to resolve an estate is to distribute assets. Assets may include valuables, collections, real estate, vehicles and insurance policies.
It may be important to reach out for legal guidance to help ensure a smooth settlement of an estate.