Posted on: 6 July 2020
Have you been named as the executor of a loved one's estate and are now not sure what the responsibilities are? Here is what you need to know about some of the responsibilities of a probate executor.
File The Will With The Local Court
The first step will be to file the will with the local court where your loved one resided. You will also have the will admitted to probate and request to be named as the executor so that the probate case can be opened. It's a matter of filling out a few specific forms, but it is necessary to get the ball rolling.
Give Notice To Heirs And Known Creditors
You'll then have to give notice to all people that are considered an heir of your loved one's estate, which means that they are specifically named in the will or could have a right to challenge the legitimacy of the will. You must also reach out to known creditors and let them know of your loved one's passing. For example, this includes any company that your loved one had a debt with that you were aware of. You must also publish a public notice so that unknown creditors can be made aware of the death and can make a claim towards the estate. If you feel that a claim is not valid, you can have these claims challenged in court.
Create An Inventory Of Assets, Liquidate, And Distribute
All of your loved one's assets must be listed in an inventory so that everyone is aware of what they are worth. This is necessary because some assets may need to be liquidated to pay back creditors that must be paid back before any inheritance is distributed. For example, if your loved one owed more money than the cash they had on hand, you may need to sell their home in order to cover their debts.
As creditors receive the money that they are owed, you will receive a receipt of distribution from those creditors. Be aware that the state is considered a creditor, with any taxes that are owed being part of those owed debts. Then heirs can start receiving what is left of the estate to meet the wishes of your loved one according to their will.
Do you feel like this is too complicated to handle on your own? Work with a probate lawyer for help with the process.Share