What is an Executor? The executor should be an honest and impartial person that is designated to read the deceased person’s will and ensure that any debts and taxes have been paid, and then making sure that the remaining property is distributed to the beneficiaries fairly and appropriately according to the wishes of the deceased.

Being an executor is a huge responsibility and requires a number of duties to be fulfilled.

You have been designated an executor, where do you begin?

Gathering the assets, since you will responsible for paying any debts and unpaid taxes, gathering all the deceased person’s assets is important for you to manage them appropriately.

Determine if probate is necessary. Based on the property worth, the probate process may be streamlined vs. the normal lengthy probate process; the amount varies from state to state. Jointly owned property passes to the surviving owner without requiring the case to go to probate.

Who are the rightful heirs? The responsibility of determining who the heir(s) are falls on the executor; he or she usually needs to make sure to locate and contact everyone that is supposed to inherit money or property. If there is a will, the executor will properly distribute the property to the heir. When there is not a will in place, it is the responsibility of executor to determine who the rightful heirs are. This varies by state so it is important to review the state laws before distributing the property

What is an Executor? The executor should be an honest and impartial person that is designated to read the deceased person’s will and ensure that any debts and taxes have been paid, and then making sure that the remaining property is distributed to the beneficiaries fairly and appropriately according to the wishes of the deceased.

What happens to the Will? Even if probate proceedings are not necessary, it is generally required to file the Will to the local probate court.

Handling the notifications; banks and government agencies (Medicare, Social Security, the post office) need to be notified of the person’s death and any leases and credit cards need to be terminated by the executor.

Final income taxes, they must be paid; the executor is responsible for making sure that the deceased person’s income taxes are paid for the last year of their life.

Property Distribution, after the executor distributes property according to the deceased person’s will, there may be additional property that is not named in the will; the executor must ensure that the unnamed property is distributing according to the state laws.

If you may be facing this issue now or in the future, please send me some details so I can assist you to sort out the present and future issues. Deepak@HousesInSoCal.com