While it is wise for someone to write an estate plan before they pass away, there is another component to this type of planning: Someone else has to step in and ensure that the estate plan is actually followed. This person is often referred to as the estate executor or the estate administrator.
During probate, it is crucial that the estate executor understands the role they have and the duties that are required. Below are a number of examples of tasks they may need to carry out.
Addressing paperwork
First of all, they will need to take steps to file the will and any other relevant paperwork. At the same time, they may need to obtain copies of the death certificate, which can be passed out to beneficiaries or used to gain access to accounts.
Notifying relevant parties
Next, the estate executor needs to notify any beneficiaries or other interested parties, such as creditors. Beneficiaries will receive a copy of the will.
After being notified, creditors will likely make claims against the estate. The executor is often in charge of paying off debts, like credit card debts or final property taxes.
Distributing remaining assets
Finally, the executor will examine the will to determine what assets are listed and how they should be distributed. They will then take an inventory of all of those assets, gathering tangible assets and gaining control of financial accounts. Once creditors have been paid, any remaining assets will be distributed to the beneficiaries in accordance with the estate plan.
For those who have been named as an estate executor, the task can often feel a bit daunting, especially if they have never gone through it before. It can help to work with an experienced attorney to navigate this process.