Have you been named the executor of someone’s will? If so, it means that person has entrusted you with their most important possessions and wishes.
It also means they trust you to carry out their final wishes by the law. But if you don’t know what your duties are, how can you be sure that everything is done properly?
Read on to find out more about the many executor of a will duties!
Consider Legal Rights and Responsibilities
The first thing you should do is read through the will carefully to understand it. You can work with an attorney if necessary.
Once you are comfortable with the contents of the will, you need to pay off all outstanding debts owed by the estate. This includes medical bills, mortgages, credit cards, and other forms of debt.
If anything remains from your deceased loved one’s estate after paying off these bills, then this money should go toward any remaining expenses related to their death, such as funeral costs or probate fees.
You may also use any remaining money for beneficiaries named in the will, such as grandchildren.
Once you pay off any outstanding debts and fees, then you need to find assets that belong to the estate. This includes bank accounts, stocks, bonds, and other valuables that are owned by your deceased loved one.
You should contact creditors who have not been paid. If there is still money left after paying these people, then the money should go to named beneficiaries in your will or for other expenses if needed.
When these items are paid off, you will then be able to attend to estate administration and distribute the remaining funds as named in the will or pay for other expenses related to your deceased loved one’s death.
Take Action Soon With Executor of a Will Duties
Remember that you should read through the entire will to become familiar with it before starting any work on behalf of your loved one’s estate. You don’t want to accidentally misinterpret something within the will.
You’ll want to start executing your duties soon after your loved one dies. Although this can be a difficult time, the contents within the will are likely time-sensitive.
You can get more information from willcontesting.com.au if you need additional help with these duties. An experienced probate attorney can provide more information on the duties and responsibilities of executors, as well as any other legal questions that you may have.
Be a Successful Executor From Start to Finish
The executor of a will has the difficult job of following through and executing what is written in that person’s will. If you are considering becoming an executor for someone, you now know what your requirements would be in that role.
It’s also essential to have clarity on the executor of a will duties so that there isn’t any confusion as to your responsibilities during the probate process.
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Rachel Dixon works on travel and features at Daily Mid Time