You have been informed that you are appointed as the executor of a relative’s fortune in their will. Your opinion on business and family problems matters, and now that your relative has passed away, how do you start? We put together a helpful checklist of things to do in the first few days following a death.
List of things an executor must do
The role of executor might resemble a second job. It might be a little intimidating depending on the size of the property as well as your relationship to the departed, particularly for grown children managing the inheritance of their only remaining parent. These executors frequently disperse decades’ worth of personal property in addition to cash assets.
The duty of the executor can be much more difficult if the relatives are likely to succumb to disputes or if the estate is sizable, or if both of these conditions exist.
1. Take care of any dependents or animals
The most significant duty can be the first one. Usually, the deceased (the decedent) has certain plans in place for the care of their dependent spouse or kids.
If they are unable to stay in the deceased’s house, you or anyone else will need to temporarily take them home. When a person dies, they usually forget about taking care of their pets.
As soon as you can, visit the house to see how they are doing. Find them a nice home, even if it is only temporary. Expenses for dependents as well as pets may be covered by the Estate, so keep track of the expenses incurred.
2. Watch the house
Watch over the deceased’s house, respond to phone messages, gather mail, throw out food, as well as water plants. Request a friend or family member to take care of this if you don’t live close to the deceased person’s house.
Locks should be changed if necessary. During the first week, refrain from distributing any personal property. Maintain all necessary utilities, such as heat and power. Keep all of your receipts, and make a spreadsheet listing all of your outgoing costs.
3. Inform close family and friends
To inform other people about the deceased’s demise, urge someone to contact the appropriate parties. To find the deceased’s email contacts, locate their contacts list. People who don’t usually utilize email should receive cards.
4. Make funeral arrangements, including burial or cremation
Suppose you want to see if the deceased had a pre-paid funeral plan or burial plan; look through their paperwork. To go to the morgue with you, ask a friend or relative.
Choose your funeral and memorial ceremony payment plan. You and your immediate family would have to pay these expenses out of pocket and get reimbursement from the estate unless the deceased made you a joint holder of a bank account. The Will has no legal effect when it comes to burial guidelines.
A paper titled Disposition of Remains should be located. This paper outlines a decedent’s preferences for what should happen to their body after death.
5. Get the funeral service ready
Funeral services are held quickly after a person passes away in various religious traditions. Obtain any guidance on this subject from the deceased. In the absence of such instructions, assemble your immediate relatives and plan the service.
Discuss the service with the clergyperson on your visit. Prepare tributes and collect pictures for the wake and the memorial event.
Make contact with the restaurant or other location where you want the event to be held. A monologue may also be required during a funeral or memorial ceremony if it is suitable.
If there are people you know, who might manage this sensitive project just as well or better than you, feel free to allocate it to them.
6. Construct an obituary
Well-written obituaries will mean a great deal to the family, so please take some time to do so. Send the death notice to the neighborhood paper. Publish the eulogy to the local newspaper if the deceased relocated to a different city and state.
7. Order death certificates
Get ten or more genuine death certificates. Such certificates will often be ordered for you by the funeral service.
Official death certificates are required by executors to alter the control of joint accounts, petition for acceptance of the will in probate court, and receive the date-of-death return of investment for compiling the property tax return.
8. The local probate court should receive both the will as well as a death certificate
State-by-state variations exist in the will filing deadline. But it can happen anywhere between 10 to 90 days to 6 months to a year following the death. If probate is required, you will also want a “Letter of Testamentary.”
You are identified as the person with the legal authority to handle the estate in this court-created paperwork. You can’t do anything with the assets unless you obtain this letter.
9. Create a professional advisory team for yourself
Probate court can be navigated with the aid of an expert estate planning attorney. A financial consultant and a CPA can also be necessary. Get in touch with Easler Law to find the best probate attorneys.
If at all feasible, get in touch with the estate planning lawyer who created the will since they are undoubtedly familiar with it, the estate, and perhaps even the dead.
10. Inventory assets.
When someone passes away, we discover a lot about them. Were they extremely well-organized, maintaining records in a manner that was simple to follow? Did they arrange the documents in any kind of sequence, or did they submit insurance plans under “Insurance Policies” or the name of the insurance company? To ensure you don’t overlook anything, go through each box and filing cabinet.
11. Protect personal property
If there was a house in the inheritance, you should ensure that the mortgage and taxes are paid.
If you are not sure about who had the house’s keys, hiring a locksmith and getting new locks and keys might protect you against dishonest family members who think particular goods are theirs.
There will be maintenance and ownership issues to take care of if an automobile is parked in the garage.
12. Create an estate bank account using your federal EIN number, which you may get from the IRS
The executor must make payments and deposits up till the estate is closed. A distinct bank account is advantageous in case there are any objections to your actions as executor since it eliminates the mixing of cash, makes it simpler to trace transactions, and limits the jumbling of funds.
13. Any unpaid bills should be paid
If estate debts are not settled before the distribution of estate assets, the executor could be held personally accountable.
In addition, you are accountable for submitting state, federal, and estate tax returns for the final year the individual was alive.
14. Keep in touch with recipients to prevent possible hostility
Share your progress with them, especially if the procedure is taking a while. To accurately represent your activity, keep great records.
Based on the area where the decedent resided, the distribution of assets may need judicial permission. You’ll be in better condition if the will gives detailed instructions regarding personal property than if there are none.
If not, have a look at the asset list to see how items may be allocated fairly. Don’t undervalue how emotionally charged this step of the process might be. Families have fought over things that are worth very little.
Final note
Getting recipients to sign a release indicating they have acquired their inheritance is a good practice. To reduce potential problems in the future, an estate planning lawyer can assist in drafting the language.