When someone dies, there are always things that need to be taken care of. If the person left an organized will and designated a specific Executor of Will, these duties can usually be cared for in a timely manner. The executor of a will can also be called the personal representative of the deceased. Their job is to carry out the wishes of the deceased, which are outlined in the will. However, there are added executor responsibilities, which come up after the death of someone. These usually fall into three main categories: protection and notification, taxes and liabilities, and distribution of assets.
First, it falls within the executor responsibilities to protect the assets while the estate is being distributed. This can include getting locks changed, providing additional insurance, and locating specific items like safety deposit boxes and keys. The executor of will may also have to notify insurance companies of the death. This includes life insurance, as well as insurance on properties belonging to the deceased. If a person dies intestate (without a will), the probate court in most states will determine who the executor will be and will make some notifications. In these cases, the probate laws also determine who gets the assets left behind.
Second, the executor of will also has to oversee the payment of taxes and other liabilities, such as debts incurred while the deceased was still alive. This ranges from the funeral costs to amounts owed on homes, cars, and credit cards. An estate lawyer or accountant can share executor responsibilities with experience in estate distribution. It is generally recommended that the executor hire an attorney if one has not been designated by the deceased to help the probate process in court. Before any bequests can be handed out, the money owed by the deceased must be paid. The IRS demands that taxes be paid on time, whether or not the person who owes them is dead.
Third, the distribution of the assets belonging to the deceased is the most well known duty, but it is actually one of the last things to happen in the list of executor responsibilities. This is where the executor of will makes sure that each recipient named in the will receives the designated money or items left to them. The transfer of ownership must be done legally and in the proper order. An attorney with experience in wills and probate can help immensely with this process.
Visit http://www.docuvital.com today to better understand the necessary steps to take as an executor of will. Docuvital simplifies the executor responsibilities to create a seamless and completely safe way to organize final affairs.
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Juan Mabry
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