Honoring Your Parent’s Last Wishes: Your Complete Guide to Being an Executor of a Will

executor of a will

Being the executor of a will is a huge responsibility. Not only do you have to carry out the last wishes of a loved one, but you also have to navigate some difficult legal territory.

If you handle the process methodically, though, it can be a relatively easy process. What matters most is that you’re prepared. The process can be more or less complicated, depending on the debts and requests that the deceased has given.

In any case, it’s your responsibility and you want to see it through. We’ll cover how you should go about being the executor of a will in the easiest way possible.

Being the Executor of a Will

The process can cause some hiccups, mostly because there are things that people don’t think about before it happens. Let’s be honest, when someone passes, who is thinking about ordering extra copies of a death certificate?

Having everything in order can prevent a whole lot of stress.

1. Collecting Death Certificate Copies

In most cases, you’ll need to have copies of the certificate for each of the major assets in the person’s name. Those will need to be transferred and most situations will call for a copy of the person’s death certificate.

Things like vehicles, life insurance benefits, various bank accounts, and relevant tax returns all apply. Contact each of the agencies in charge of these assets and ask them if you can simply provide a photocopy of the death certificate. Doing so could save you a fair amount of money.

If the physical copy is required, though, you’ll need to gather the required copies from the medical examiner. Prices will vary from state to state, but most states charge no more than 25 dollars per certificate.

2. Do You Need a Probate?

A probate is essentially the process of an official overseeing the distribution of a deceased person’s will. A probate is required when the assets of the deceased are in no one else’s name. So, if the property that the person owned is solely in their name, a probate will be required.

In cases where a living will is set up, the beneficiary will be able to distribute the person’s assets without needing to be overseen by the court system. This is one of the reasons that a living will is a wise choice.

A probate entails that the executor of the will goes through the local probate court and provides an itemized list of the assets and where they’re going. It will also require that the executor distributes the assets in a timely fashion, typically some time within one year.

This process entails a lot of legalese and can be taxing, especially while you’re in the process of grieving someone you loved. In these cases, especially when the will contains a lot of assets, you should consider hiring an attorney.

We’re here to help if you want to learn more about hiring a probate attorney.

3. Get Everything in Order

The paperwork involved in the process could be overwhelming. Avoid scrambling to find papers by gathering them all before the time comes to use them.

Some commonly needed items are insurance policy numbers, recent tax forms, social security cards, car registration and title, loan information, deeds to homes, and credit card documentation. There could be more, depending on the nature of the person’s assets.

There may be cases where that information is not readily available. Make sure that you contact the relevant organizations to have documentation sent to you as soon as possible. The process can take a little longer than normal with official paperwork.

If you’re sure that the physical paperwork is around the house somewhere, check the cabinets, safes, freezers, or any other secretive hiding spots your loved one might have kept important things. After that, contact your loved one’s attorney to request physical documents.

If none of those options work, you might just have to talk to the relevant organization.

4. Do an Inventory

Depending on your state, you may be required to do an inventory of the assets within 90 days of the death date. This may require you to have some of their property appraised.

In the case that you need an appraisal, make sure to contact a professional who deals, or has dealt with asset distribution. If not, make sure they have a great reputation.

Again, whether or not you have to do this will depend on the state that you or your loved one lived in. Contact the state office of vital records and ask them what you’re required to submit. You may be pleasantly surprised to find that you don’t have to submit much at all.

5. Consider Consolidating Funds

The deceased’s bank accounts are sources of money that will serve to pay their debts. If there’s not enough in the bank accounts, the existing assets may need to be liquidated to pay off debts.

In order to simplify the process of paying debts, it might be wise to open a separate bank account. Take the funds from the existing bank accounts and consolidate them into the bank account you opened. This will save you on paperwork and make the payment process simple.

6. Get Receipts

When the time comes that you actually distribute the assets listed in the will, you will want to get proof that the assets were distributed. You may legally need receipts that are signed and dated.

Even if you don’t need them, it’s still wise to have a record of the transaction. These are things that hold a lot of value in many cases, and a little slip or discrepancy could be costly and time-consuming. No one will consider it offensive if you request a signed and dated receipt, it’s just a practicality.

Take the Time You Need, Be Firm

Family and friends have tendencies to get into arguments when a loved one dies. Emotions are high and, for whatever reason, it can be extremely difficult to be the executor of a will.

Make sure that you’re careful about every detail and that you stick firmly to the wishes of the deceased. People are often upset about the details of a will but that is no reason to act differently than that will requests you to.

If you need more family advice on anything from dealing with a will to helping with your kid’s homework, we’ve got all the information you need.

Author: IzzyWeb