I’ve Been Named Executor of a Will… What Does That Mean?
When a person creates a Will, they appoint someone they trust as executor. The executor conducts the administration of the deceased person’s estate, which includes the following tasks:
1. Caring for all the deceased’s property
2. Receiving payments due the estate, including interest, dividends, and other income
3. Collecting debts, claims and notes due the deceased
4. Identifying all heirs and beneficiaries
5. Paying outstanding debts of the estate
6. Preparing and filing federal, state, and estate tax returns
7. Distributing the assets of the estate to heirs and beneficiaries
Most executors hire an attorney to guide them through the probate process. The attorney will help determine the best method for probating the estate. In most cases, the attorney’s fees are paid from the assets of the deceased’s estate. In some cases, these fees are set by statute and are paid only upon approval of the probate court. In all instances, the fees must be reasonable.
If you have been named executor, immediately following the recent death you should:
1. Make a list of the names and addresses of all persons named in the Will
2. Make a list of the names and addresses of all heirs, even if not named in the Will
3. Gather information on the deceased person’s outstanding debts
4. Gather the following documents: deeds to real estate and cemetery lots; copies of recent bank statements; titles to automobiles; insurance policies; list of known assets; list of any known debts; copy of deceased’s last three tax returns; the deceased’s Last Will and Testament.
5. Get death certificates from the funeral home
6. Keep records of all funeral expenses
7. Change door locks if the deceased lived alone
8. Secure valuable items
9. Notify insurance company of the recent death
10. Avoid paying any outstanding debts or giving away any of the deceased’s property before consulting with an attorney
