I'm the Executor... Now What?

I’m the Executor… Now What?
When someone close to you passes away, not only do you have to deal with the emotions that come with that loss, you also have to worry about winding up their affairs, paying certain bills, paying taxes, etc.

After your loved one has died, you should first locate their Will. In a perfect world, the deceased person would have told their Executor exactly where to find the Will, but sometimes it takes some digging in desk drawers or safes. The Will identifies the individuals who will be responsible for arranging the funeral and who will execute their will. If your loved one dies without a Will, the next of kin decides who shall arrange the funeral. The next of kin also decide who will be named Administrator of the Estate. Whether the person is called an executor or an administrator, both have basically the same function: to manage the estate of the deceased party.

The next step is to start the process of choosing the right attorney. Work quickly to choose the person who works best for the facts at hand. After the attorney is retained, make sure to share important documents and information.  An Executor should have the original Will and original death certificate. An Administrator will have just the original death certificate. The death certificates can be obtained through the funeral home.

Next, gather information about the deceased’s assets and debts. The executor should take some time to look through desks, filing cabinets, safes, fireproof boxes, etc. In our increasingly digital world, it is just as beneficial to search the person’s at-home computer files, email, etc. Statements from Financial Institutions, Insurances, Utility Bills, and more are all important tools to gather a full picture of the deceased’s assets and debts.

As Executor/Administrator, it is your responsibility to ensure that the Estate’s assets are maintained during this process. Make sure that you are keeping note of any funds that are being expended on behalf of the deceased person, including funeral costs, mortgage and utility payments, insurance costs, etc.

Make a list of the beneficiaries are named in the Will. If there is no will, make a list of the “next of kin” including spouses, children, siblings and parents. Make sure that their contact information is included.

After that, you should be working with your chosen Estate Attorney to wind up the estate. Provide them all of the information you have received. Your attorney will file an application with the Court to get Letters of Testamentary (for the Executor) or Letters of Administration (for the Administrator). This paperwork allows you to open an estate bank account and gives you the authority to get more information to wind up the Estate by settling assets and debts, paying taxes, and eventually making distributions to beneficiaries.
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This area of the law is complex and often enveloped by emotion and grief. Even for the strongest or most business-minded person, it is a challenge. There is no need to go through this process alone. If your loved one has recently passed and you are the Executor or Administrator, reach out to the Hunnell Law Group today for a consultation at HunnellLaw.com/Contact

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