Responsibilities of an Executor in a Probate Process

Being named the executor in a will, or being appointed an executor by the court is a role full of responsibility. It’s difficult to share in the grieving process when you’re worried about all of the responsibility you may have on your hands. If you or someone you love has been named an executor, you may be asking yourself, what is their role during the probate process?

Filing a Petition

The first initial part of the probate process as an executor is filing all of the paperwork and the will naming you as the executor. Regardless of, if you were named the executor in a will, you will still need to file the paperwork to be reviewed by the courts. Communicating with other heirs of the state is especially important, this can prevent conflict further down the road. Familial conflict is especially common during the probate process and communication, treating everyone fairly, and distributing assets according to the will is essential.

Managing Assets

You will also need to manage all of the assets of the estate, especially in regards to real estate. If you live far away from an inherited home, you may be required to obtain vacant home insurance, maintain current insurance policies, or continue to collect rent on the property. If you’ve inherited a property, you must also decide if you’d like to sell the property. The experts of socalhomebuyers.com/probate suggest that using an investor instead of a realtor can pose unique advantages. This can mean being able to sell the home as is and not having to pay a real estate agent’s commission rate.

If you’re looking to move in, it’s really simple to just settle in the home after you’ve inherited it. If there is still debt owed on the property, renting is a great way to pay off the mortgage and maintain the upkeep on the home for no additional expense. This of course will depend on the condition of the home.

Inventory the Assets

Ensure that you’re including a detailed inventory of all assets while you’re filing your paperwork. If you have everything inventoried it will be much easier to distribute the assets of the estate to the family, accordingly. You’re also far less likely to run into conflict with the family further down the line if everything is inventoried. Emotions and accusations can run high during this time, as everyone is still grieving.

Inform Creditors

You must inform all creditors of the deceased that they have passed away so they can make a claim to the debt owed. You may be required to liquidate the assets of the estate in order to pay off outstanding debt. You won’t be personally liable to pay off debts that the estate cannot pay off itself, but you may be required to sell off stocks that the estate has invested in. Courts generally make postings in the newspaper to inform all creditors who the family may not know about that they deceased has passed away. You may wish to hire a professional accountant to help you tackle the complex finances associated with this process.

Distribute The Estate

An important step is to distribute the estate to the family, or other heirs. You may be required to review the will in order to find out who is entitled to which assets. If there is no will available you may have to follow a legal process according to the state that you live in. It’s always best to engage in these processes with some legal assistance. Having a lawyer ensures that you’re following all the rules properly, and will face less legal challenges down the road.

Record Everything

Keep a record of all transactions, and distributions of assets that you’re completing. During the grieving process people might make claims that you’ve mishandled the estate when you’ve done everything according to the rules. Make a record of the inventory of the estate, all the bills that you have paid, creditors that have collected, and assets that have been distributed to avoid this. Having a paper trail is really going to protect your best interests.

If no one has been named executor by means of a will, a court will often appoint an executor through a legal process that’s dependent upon the state. Executors can also relinquish their responsibility through this process if they’re not up to handling the responsibility. In short, an executor is responsible for managing assets and debt, inventory and recording all of the assets and debt, and distributing the estate respectfully. You may also decide what you plan to do with property, and if you’d like to sell, or maintain the current state of affairs with renting.

Courtney P.

I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!