Fryer and Hansen understands the great importance behind your newfound role, and understand there are emotional and practical challenges you may be faced with. It’s why our estate planning lawyer McAllen is ready to provide valuable information that explains the responsibilities, challenges, and best practices you should expect. To start, let’s take a closer look at some of the most common executor responsibilities.
If you’ve been named as an executor of an estate know this: it is a profound honor and a testament to the trust and confidence the deceased had in you. With that said, serving the role of executor can feel overwhelming, especially at a time when family and friends are dealing with loss.
Locating and Managing Assets
As the executor, you will be tasked with identifying, locating, and managing the deceased’s assets. Keep in mind this type of property can include but is not limited to:
- Real estate
- Bank accounts
- Investments
- Personal property
You will additionally have to determine the value of assets at the time of death. This often involves organizing professional appraisals.
Paying Debts and Taxes
In many cases, the deceased will pass with debt to their name, which you will be responsible for identifying and paying off. We recommend you:
- Start by locating credit card debt and mortgages.
- Take some time to find any other loans that may exist.
- Prepare to be responsible for filing the final income tax return for the deceased. This includes paying off any estate taxes that may be due.
Distributing Assets to Beneficiaries
If the deceased left a will, you will need to distribute assets to their beneficiaries exactly as they appear in the document. If this is an intestate situation in which there is no will available, you will be tasked with ensuring that all bequests are honored and that the distribution is handled fairly and accurately.
Challenges Executors May Face
As mentioned above, the executor role tasks you with tracking down the deceased’s assets. Unfortunately, it’s not uncommon for executors to experience difficulty as they try to locate property, especially if it’s unlisted or undisclosed. Keep in mind:
- There could be hidden assets can include bank accounts, safe deposit boxes, or investments.
- The process of filing and paying taxes on behalf of the deceased can turn into an overwhelming situation.
- Executors may face complex financial situations requiring extensive documentation and careful management to ensure all debts and taxes are settled correctly.
- The probate process can often be marred by disputes and conflict among the beneficiaries. As tempers flare the validity of the will and even your actions as the executor can come into question.
These conflicts can delay the probate process and add significant stress to an already tense situation.
Best Practices to Consider
You’ve been given the task and honor of serving as an executor. So, how can you ensure the process is as efficient and ethical as possible for all involved? Consider these best practices as you progress through the probate process:
- Keep Detailed Records: Meticulous records of all transactions, communications, and decisions made during the probate process are crucial for transparency and accountability.
- Create a Timeline and Checklist: Develop a timeline and checklist of tasks to ensure nothing is overlooked and deadlines are met.
- Prioritize Open Communication: Maintain open and regular communication with beneficiaries to keep them informed about the progress of the probate process and any significant decisions or delays.
- Be Transparent: Being transparent about the process and decisions helps build trust and reduce the likelihood of disputes.
- Remember Your Fiduciary Duty: As the executor, you have a fiduciary duty to act in the best interests of the estate and the beneficiaries. This means acting impartially, responsibly, and ethically at all times.
Our Estate Planning Lawyer McAllen is Here to Support You
With our estate planning lawyer McAllen by your side, you will find the right approach to ensure the task is both manageable and rewarding. Above all, we’ll guide you along way to make the process effective and ethical on all fronts. Contact us today for more information about how we can help you throughout the probate process.