The Key Roles Of Executor In A Probate Estate
A person can no longer be regarded as the legal owner of the estate that was in his name after he passes on. For this reason, measures must be taken to ensure that the property is passed on to beneficiaries who are alive. This process is what is referred to as the probate and the person handling it is the executor. Considering that one time you may have to deal with this situation, it is highly advisable that you are well informed about the responsibilities that the executor holds. If you are the person that has been appointed to assume that portfolio, it is crucial that you are fully cognizant of what is expected of you.
The initial role that you are going to play as an executor is to get hold of the will’s copy so that its lodging can be carried out at the local court of probate. As well, you must make sure that you have fully comprehended what is contained in the document. You have the job of establishing who the will state as the bonafide dependents.
The executor of a probate estate has the important responsibility of informing certain parties regarding the death of the testator. Among these are the credit card firms as well as the state agencies. It is of utmost importance that you perform this task without unnecessary delay for the purpose of complying with the timelines that are in place. Additionally, the executrix holds the duty of getting in touch with the family members of the person that has died.
As an executor, you must contact the people that the testator owed money to and notify them of what has occurred. Depending on the regulations of the state that you are in, this information must be placed in the print media. It is at this point that the creditors are asked to bring the claims that have against the testator. Thereafter the administrator must make verifications of those debts and disregard the ones that he is of the opinion that they are not authentic.
Another the key role of the executrix is to ensure that the evaluation is carried out on the estate in order to meet the necessary tax requirements. In this instance, you must find out if there are outstanding taxes that have not been submitted. As well income tax must be determined and paid tax on if there was income coming in at the time when the probate was going on.
As you await the completion of the probate procedure as an executrix you hold the role of seeing to it that there is proper maintenance on the assets. Your next duty involves carrying out distributions of the estate to the right inheritors as wished by the decedent. What is left over after this process should be sold.