Did a family member, loved one or friend recently pass away? Were you named the executor of their estate? Do you know what it takes to complete your duties as an executor?
As an executor, you have a fiduciary duty to settle the estate of the deceased. Breaching the fiduciary duty could lead to serious legal issues. You may be able to fulfill your fiduciary duty by making a checklist of everything you may need to do. Here are three of the main tasks:
Obtain copies of the death certificate
One of your first duties as executor is to obtain copies of the decedent’s death certificate. You likely will need about a dozen death certificates that may be used to prove that the testator passed away. Death certificates may be collected at a morgue or funeral home or requested from a vital record office. You’ll ultimately submit these to banks, creditors and anyplace else that requires evidence of your loved one’s death.
Locate the will and submit it to probate court
Another duty you may be required to complete is to locate the deceased’s will. Their will may be used to fulfill the deceased’s last wishes. You may be required to submit the will to probate court. The probate court should review the will and decide if probate is necessary. The probate process allows you time to complete your duties as an executor and settle the estate. Depending on how the deceased organized their estate, probate may not be necessary.
Locate and inventory the deceased’s assets
If probate is necessary, then you may need to locate the deceased’s assets. The deceased may have insurance policies and bank accounts where assets can be collected. Some of these assets may be used to settle debts and taxes, while others will eventually be distributed to the deceased’s beneficiaries or heirs.
Ultimately, settling an estate is a long and involved process. Legal guidance can make it easier and help you, as the executor, get through the steps with ease.