If nominated to be an Executor, you have an important responsibility to manage a person’s estate when they pass away. An Executor’s key duty is making sure that the property and assets of the deceased are transferred to their beneficiaries. The decedent’s Will should clearly state who should inherit certain assets, including personal belongings, real property and financial assets. Other responsibilities include presenting the estate to the probate court, notifying all possible beneficiaries of the death, and paying outstanding debts and taxes le behind by the decedent.

You’re also responsible for seeing to it that their final wishes are honored and any outstanding obligations are reconciled. The Executor oen arranges for the decedent’s funeral and burial arrangements based on specifications included in the Will. For instance, the decedent may have stated their preference to be cremated instead of buried, or hold a traditional funeral in a church over a memorial service. Here are five tips for carrying out your responsibilities efficiently while avoiding unnecessary mistakes that might complicate the probate process and delay closing the estate.

1. Prepare for your position

It is common etiquette for an individual to inform their desired Executor when creating their estate. That way, the nominated individual can be emotionally prepared when the Testator (the person who created the Will) passes away. You can start preparing for your role in advance by understanding your responsibilities. That way, when the individual passes away, you know how to take on your assigned tasks without delay.

Consider asking the Testator the following questions while you still have access to them:

  • Where do you keep your documents? As the Executor, you’ll want to easily locate and access the decedent’s estate planning and related documents. Ask the
    Testator where they keep their documents and how to access them. This may be a good opportunity to prompt them to get their documents organized in a single,
    secure location.
  • Do you feel comfortable sharing your documents with me? It can be helpful to go over the Testator’s estate planning documents with them. That way, you can
    ask questions and make sure you’re on the same page about their expectations. If there is any confusion, the Testator will also have the opportunity to update their
    documents as needed.
  • Are there other key roles I should know about? The Testator will oen work with other key individuals to execute their estate planning vision. Ask them to
    introduce you to their attorney, as well as other trusted individuals, such as their trustees or guardians, who you may be working with closely aer the Testator passes
    away.

2. Create multiple copies of documents

Executors are made responsible for important documentation. As a precaution, work with the Testator to create backup copies of critical documents such as the Will, Trust documents and identification documents. Once they pass away, you’ll need several copies of the death certificate. Document management is an important aspect of this role; in case anything gets misplaced, you’ll stand prepared.

3. Keep family informed: transparency and honesty is the best policy

Executors are made responsible for important documentation. As a precaution, work with the Testator to create backup copies of critical documents such as the Will, Trust documents and identification documents. Once they pass away, you’ll need several copies of the death certificate. Document management is an important aspect of this role; in case anything gets misplaced, you’ll stand prepared.

4. Open an estate account

One of your first duties as an Executor should be opening an estate account. This account acts as a holding and staging area for all finances before they can be distributed to loved ones. For instance, this account is used to pay estate expenses, debts, taxes and burial fees. There may also be some money coming into the account, such as tax refunds or collections from private loans that were made to others.

5. Manage estate property and assets

While you are serving in your role as Executor, assets and property belonging to the estate are under your care. Eventually, the estate will be closed and these assets and property will be passed on to the rightful owners. It’s important to stay on top of the upkeep of assets so that they stay in good condition and don’t lose any value. This is true for real property and financial accounts alike.

Stay organized. Serving as an Executor is an important responsibility. You are taking on many duties, and at times, they can feel overwhelming or challenging. The key is to be prepared and stay organized. That’s why it is extremely helpful to meet with the Testator, go over expectations and make sure they leave concise instructions.

Written by Staff Writer, Trust & Will

This content is presented by Trust & Will, a premier online estate planning platform.

Copyright 2023 by Trust & Will. Used with permission from Trust & Will and provided by UBS Financial Services Inc.; UBS does not guarantee its accuracy or completeness. Trust & Will and its employees are not affiliated with UBS Financial Services Inc. or its affiliates. UBS Group AG, through UBS Next, is a strategic investor in Trust & Will.

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