Assessing The Critical Duties Of An Estate’s Executor

Assessing The Critical Duties Of An Estate’s Executor

The individual named as an executor by a testator is a person that will be responsible for ultimately managing and distributing the assets in one’s estate. The executor should be a trusted individual that is organized and responsible, especially considering the burden that is placed upon them to execute one’s last will.

The job of the executor is defined as the person that is named to distribute property from an estate, arrange for the payments of all expenses and debts, and manage the estate as indicated in the will. Even if the court appoints the executor (when one dies intestate), the executor will have the same duties.

Finding A Copy Of The Will And Filing It With The Court

Once a testator has undergone estate planning services in San Diego, they should notify the individual named as the executor and give them a copy of the last will. This will make it easier for the executor to locate the legal document upon the testator’s death.

Upon their death, the will must be filed with the probate court in the county and city where the testator passed and where their estate is located.

Notify All Applicable Parties

The executor must then notify all financial institutions, credit card companies, creditors, mortgage holders, and government agencies about the decedent’s death. This can include the Social Security Administration.

Create A Bank Account For The Estate

The estate’s debts and other obligations must be taken care of before the assets can be distributed. To do such, the executor must create a bank account for the estate’s management purposes. This bank account will allow all debts to be paid for, including utilities, mortgages, final medical bills, etc.

Create And File An Inventory With The Court

The state may require that the executor locates all assets designated in the will and create an official inventory. This list is then submitted in detail to the probate estate court for review.

Maintain All Property Before Sale

The executor will also be responsible for maintaining all assets until they are distributed or sold. This includes performing routine maintenance on any real estate property, maintaining assets, and keeping them protected until they are handled. An executor may keep smaller, more expensive items in a safe deposit box if necessary.

Pay Debts And Taxes

An estate will likely have debts and taxes that must be satisfied. Even if one has gone through estate planning services in San Diego, they cannot pay debts before death. Therefore, the executor will handle all remaining debts and taxes.

The executor will manage income tax returns from the current year until the decedent’s death. If the estate is large in value, it may require federal or state estate tax payments as well.

Estate planning services in San  Diego can advise a testator as to how to name their executor, tasks to assign to them, and how to manage their estate properly upon their death. An estate planning attorney can also draft a valid will in accordance with the estate planning laws applicable to the area to ensure the will is valid and recognized by the court.

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