Serving as the executor of an estate should be consider both an honor and a privilege. It also requires a significant amount of work proportionate to the size of the estate left behind. Following is an estate executor checklist that we’ve compiled to help you accomplish your task, from examining the will to closing the estate.
Estate Executor Checklist
- If you have been named executor in someone’s will, the first thing you’ll want to do is obtain a copy of the will and gain an understanding of the details within the document. Then…
- File a petition with the probate court where the deceased individual resided.
- Make the decision to consult with an estate attorney, or prepare to move on without an attorney. There are other places to turn for advice and guidance: An experienced Realtor, the probate court clerk, estate liquidation companies, the internet, etc.
- File the will in probate court, and notify any beneficiaries named in the will.
- One of your largest tasks will be to locate, secure and manage all assets of the deceased. This includes everything from personal property (vehicles, jewelry, furniture, collections, etc.) to real estate to financial assets such as bank accounts, pensions, life insurance, etc.
- There will be no shortage of minor details to handle, such as contacting banks, government agencies, credit card and utility companies, doctors and more.
- Next, you’ll want to open a bank account for the estate to hold any incoming money and pay any outstanding bills and taxes.
- Once all financial matters are in order, you can receive permission from the probate court to distribute any property as defined in the will.
- When all accounts have been settled and property has been distributed, the executor can ask the probate court to officially close the estate.
While there are many other items that will require your attention along the way, this estate executor checklist will serve as a basic guideline for the responsibilities that you are about to take on. For more information or assistance, please contact The Olear Team today!