Who settles your estate after you pass away? This role is typically left to the executor of the estate. The executor is anyone you trust to manage your assets and distribute them to beneficiaries. But, this role is not that simple.
The executor of the estate is responsible for a lot more than settling your estate. Here is what is required of them:
Locating the will and submitting it to probate court
The executor performs most of their duties during probate. Probate is a period of time that lasts from several months to over a year.
Probate only starts once a will is submitted to probate court. In other words, one of the responsibilities of the executor is locating your will. You may make it clear where you stored your will so it is easier for them to locate it. Once found, the executor can have it verified with a probate court.
Collecting death certificates and contacting interested parties
Another duty of the executor is collecting death certificates. Death certificates are used to inform interested parties of your passing, such as banks, creditors and insurance companies.
Paying taxes and debts
The executor may also be responsible for resolving any tax payments and debts. Part of your estate may be used to resolve these financial obligations.
Reaching out to beneficiaries and distributing assets
Typically, the final part of the estate planning process is contacting beneficiaries to disperse assets. You could help them by leaving behind a list of beneficiaries and their contact information. During the probate process, the executor is responsible for managing and caring for assets until they are dispersed to beneficiaries.
Having the right beneficiary is typically crucial for a smooth probate process. You can reach out for legal help to learn more about what is required from the executor.