What You Need to Know about Being an Executor
Being an estate’s executor is a big responsibility to take on during an already stressful time. Although it can seem like a daunting task, it is important to discharge your duties reliably and calmly to ensure that the process goes as smoothly as possible. Family members rely on the executor to make sure that the deceased person’s will is carried out to the letter, so it is not a responsibility to be taken lightly. Making sure your loved ones are taken care of, though, is also a very rewarding experience. Here is what is involved in taking on the duties of an executor.
The executor will be in charge of maintaining property such as houses and cars until they are distributed or sold, as well as deciding whether the property should be put on the market. This also involves ensuring that the beneficiaries receive what they are entitled to according to the will or the state’s laws. Executors may also be responsible for setting up trusts.
Hiring a Probate Lawyer
The executor will determine whether or not a probate lawyer is necessary after reviewing the will. Then the person will go about the process of selecting a probate attorney to advise them if one has not already been selected. This is especially important if there is no will or the will is incomplete. A qualified probate lawyer will be able to clarify any questions about distributing property or applying for probate, as well as ensuring that all the proper steps are followed.
Probate is not always necessary, such as in cases of jointly held property passing to a spouse, and having a smaller estate also simplifies the process. Hiring a lawyer will help you determine whether to apply for probate and how to go about managing the estate.
Notifying Interested Parties
The executor will inform tenants, creditors, banks, heirs, and other interested parties of the death. This is usually done via newspaper notice. This ensures that any potential creditors will be able to reach out during the estate distribution process.
The executor is responsible for making sure the deceased person’s taxes and bills are paid and any outstanding debts are taken care of. Normally the proceeds from selling parts of the estate are used to pay creditors and cover any taxes, as well as the estate administration costs. It is also important to keep detailed financial records of income and expenditures because a final accounting will have to be presented to the court and beneficiaries before the estate can be closed.
Becoming an executor is a job that requires meticulous record keeping and attention to detail so you can ensure that everything is carried out properly. Finding a qualified Queens probate lawyer can help immensely as you distribute property and determine how to manage the estate of your loved one. If you are in need of advice during difficult time, contact the offices of your local Queens probate lawyer Richard Cary Spivack for a consultation today.