Legal Responsibility of Executors of a Will
When someone makes a will, he is required to name an executor for his estate at the same time. The executor of a will plays a vital role in the process of overseeing the distribution of estate assets. The executor has to initiate the process of having the will probated and then manage the estate until it is distributed.
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Begin Probate Process
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When the creator of a will passes away, it is up to the executor of the will to begin the probate process. The executor has to get a copy of the will and take it to the local probate court. The executor will have to go in front of the probate judge to prove that the will is valid. The executor will also be in charge of collecting any important documents such as life insurance policies or death certificates for this process.
Inventory
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After the probate process has been initiated, the executor will then be in charge of inventorying the assets of the deceased. The executor will go through all of the property that was owned by the deceased and make a list of it. The executor will then check that list against the will or any other estate planning documents such as a trust. It is important to know exactly what property the deceased had so that it can be properly distributed.
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Financial Responsibilities
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The executor also plays a big part in the financial responsibilities of the estate. If any money was owed to the estate, it is up to the executor to ensure that it is collected. If the estate owed any money, the executor also has to pay those bills. For example, if the deceased had a credit card balance, the executor will take money out of the estate to pay it. The executor also has to file any tax returns and pay taxes on behalf of the estate.
Distribution
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One of the most important responsibilities of the executor is to distribute the assets of the estate. Once the probate process is completed, the executor will have to make all of the distributions to the beneficiaries of the estate. This could include selling property in order to generate cash to make payments to beneficiaries or it could involve transferring the ownership of a piece of property. During this portion of the process, the executor has to make sure that all of the wishes of the deceased are carried out.
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