Dear Executor,
As the executor, you play a crucial role carrying out the wishes outlined in your loved one's will. Knowing that this can feel overwhelming, the Bequest Law team would like to offer our guidance in navigating the responsibilities you now hold. We have outlined some of the key responsibilities and steps that you will need to take as executor:
Step 1: Locating the Will
The first step is to locate the original copy of your loved one's will. Typically, this document is kept in a safe or secure location, such as a personal safe or filing cabinet. If you are unsure of where the will is located, please reach out to us, and we can assist you in locating it.
Step 2: Understanding the Will
Once you have the original will in your possession, it is essential to read through its contents. The will outlines your loved one's wishes regarding the distribution of their assets, appointment of guardians for minor children, and any other specific instructions. If you have questions, Bequest Law is here to help.
Step 3: Probate Process
Depending on the nature and complexity of the estate, you may need to initiate the probate process. This involves filing the will with the probate court, validating its authenticity, and obtaining legal authority to distribute your loved one’s assets. Bequest Law can assist you in understanding this process, determine if probate is necessary, and if so, guide you every step of the way.
Step 4: Asset Management
As the executor, you will be responsible for managing your loved one's assets until they can be distributed to the beneficiaries named in the will. This includes taking inventory of all assets, safeguarding them, and ensuring they are appropriately managed throughout the probate process.
Step 5: Debts and Taxes
You will also need to settle any outstanding debts and taxes owed by the estate. To effectively do this you may have to work with creditors, file tax returns, and ensure all financial obligations are met before distributing assets to beneficiaries.
Important Note: Record-Keeping
Throughout this process it is essential to implement a reliable record-keeping system that works best for you to track all administration-related activities, for example financial transactions and beneficiary communications.
The Bequest Law team is here to provide you with the guidance, support, and expertise you need to fulfill your duties as executor, and to ensure the utmost care and respect in honoring your loved one’s wishes.