What To Do If You’re The Executor

At some point in your life, it’s likely you’ll be tasked with being the executor of an estate. Most people do not know what to do when that time comes, as it is obviously not something people do every day. Below are some tips to follow if you find yourself in this position:

1) Obtain multiple copies of the death certificate - And when I say “multiple”, I mean at least ten. Everyone that you come into contact with regarding the estate will need an original “copy” from the state. Get plenty up front, because it is time consuming to obtain additional copies later.

2) Assemble a team to help you - Find the attorney who drafted the will, or a probate attorney. Find the accountant for the deceased, or if they didn’t have one, hire one. Have a family member who you trust help you. Talk with a financial planner, either the one the deceased used or consulted, or find one to advise you.

3) Set up a separate bank account for the estate - You will want to do this to accumulate all of the money in the estate for distribution, payment of debts, etc. Having all of the money in one place will help with the accounting process as well.

4) Protect all personal property - Secure the home and other personal property that was owned by the decedent immediately. Did they own firearms? Coin collections? Cash? Jewelry or other valuables? You will want to make sure that relatives who are not entitled to the property do not go into the property to take what is not theirs. Make an accounting of all items. Take photos with your phone. Make a list. Change the locks, and make sure that if there are payments or tags or other licensing requirements for the person’s vehicle(s), that they are up to date. (You will also want to cancel things like utilities, car insurance, etc. at some point as well.)

5) Pay the decedent’s debts - This is crucial. Pay all debts, and pay them immediately. If you don’t pay debts before distributing money to the heirs, creditors could potentially file suit against you. Also make sure federal and state tax returns are filed and any refunds or payments are made on behalf of the decedent.

6) Stay in touch with the beneficiaries - Keep them informed. They are entitled to know what is going on, and that you are working in their best interest. A weekly update is smart.

7) Distribute the assets - This is the final step. Make sure that the wishes of the decedent are followed. Have the beneficiaries all sign releases acknowledging receipt of their inheritances, so there are no questions later on as to what they received.

If this sounds daunting, or sounds like something you don’t want to handle, you can always decline. Almost all wills have a back up person if an executor declines. Or the family may opt to have a professional do the job.