What happens during the probate process?

Were you asked to be the executor for a family member’s or friend’s estate? Then you were given a very important role, likely, because you are trusted and responsible. However, do you know what it takes to be an executor?

The executor’s role is to settle an estate once the testator passes away. The executor will take several steps to fulfill the testator’s last wishes. This is all during the probate process, which can last several months to over a year depending on the complexity and size of an estate and any issues that might come up along the way.

There are several steps you must complete as an executor to fulfill your role. Here is what you should know:

Validating the will

Typically, the first step as executor is validating the testator’s will. This can be done by submitting the will to probate court. After a review of the will, the probate process begins, which allows you to fulfill the instructions left in the will. This step will also decide whether there is a need for a probate process, which could be avoided if assets are transferred to trusts.

Gathering death certificates

One of your duties will be to collect about a dozen death certificates. These certificates are used to notify interested parties, such as banks, insurance companies, creditors and debt collectors. Funeral homes typically provide death certificates.

Paying taxes and debts

One of the steps you may need to fulfill is paying any remaining debts or mortgages on behalf of the estate. You may also need to file taxes.

Distributing assets

Typically, the final step as an executor is locating assets and contacting beneficiaries. You will then distribute assets to beneficiaries according to the will.

As an executor, you have a fiduciary duty to fulfill. Failing your duty could create legal complications. You can seek legal help as you begin your role as executor. Contact us online or call today for a free consultation with Pennington Law, PLLC.