How to Settle Wills

Thorough documentation of the deceased's assets and debts is important to settling an estate.

You can settle a will if you are named as executor in the will or by probate court and you choose to serve. You don't need a lawyer to settle or probate a will unless the estate is complex. Executors are responsible, among other tasks, for documenting assets; setting up a bank account in the estate's name to pay taxes, debts and expenses; and distributing the assets as indicated in the will.

Things You'll Need

• Deceased's death certificate
• Deceased's last will
• Inventory and documentation of the deceased's assets, including deeds, stock certificates and bank accounts
• Inventory and documentation of the deceased's debts, including mortgages and credit cards
• Contact information for the beneficiaries named in the will, surviving spouse and children (if any)
• Information about the deceased's regular expenses (utility bills, leases, etc.)
• Information about the deceased's insurance policies, including social security and medical insurance
• Information needed to file the deceased's income tax return

Instructions

1. Determine if you have been named as the executor in the will and decide if you would like to accept the job. You can only settle a will if you are named as the executor in the will or the executor resigns in writing and either you are the named in the will as the alternate executor or the executor asks you to petition probate court to name you as executor. Executors should be well organized, committed to the 6- to 12-month legal process known as "probate," familiar enough with the deceased's affairs to take care of them until the will is settled and able to work with the heirs and beneficiaries named in the will.

2. Decide what kind of legal help you'll need. Estates that involve tax liabilities, disputes or different types of assets may require a lawyer to advise you or completely carry out the probate process. If you have the skills or the estate is simple, you may decide you feel comfortable with guide books or court clerks who can answer basic procedural questions.

3. File the deceased's death certificate and last will with the probate court and notify beneficiaries. This action will serve as a request for the court to deem the will valid and formally name you as executor, although further probate may not be necessary for certain kinds of assets. Most states require you to file proof with court that you've properly notified beneficiaries named in the will as well as the surviving spouse and children, if any.

4. Obtain an Employer Identification Number (EIN) from the IRS and set up a bank account in the estate's name. This account will hold money the deceased is owed, like stock dividends or rental income. The account should also be used to pay debts, taxes and expenses, including legal fees and utility bills.

5. Notify creditors and pay debts. State laws mandate how estates must notify the deceased's creditors (e.g., through letters, newspaper notices, etc.) and how long creditors have to claim payment. As an executor, you should pay debts from the estate's bank account but you can decide whether a creditor's claim is valid.

6. Pay taxes and common expenses. File annual income taxes for the deceased within nine months of the death. Use the estate's bank account to pay any taxes due as well as utility bills and other common expenses. Remember to terminate contracts and notify banks, insurers and government agencies of the deceased's passing.

7. Distribute assets and close the estate. Mail a notice to heirs and beneficiaries of the "final hearing" within the time frame your state requires and file proof of this mailing with the court. With the court's permission, distribute property and assets as stated in the will and obtain receipts to file with the court to end the process, thus releasing you from your duties as executor.

References

• Nolo: Should You Accept the Job of Executor to Settle an Estate?
• Nolo: How the Probate Process Works
• Nolo: What Does An Executor Do?
• Nolo: Checklist for Executors