While legal counsel is always recommended, here are some key steps an Executor / Executrix should take when managing an estate: I have assisted several families with the complexities of Probate and Real Estate transactions.
Key Responsibilities of an Executor in Probate
1. Locate & Secure Important Documents
Obtain certified death certificates (needed for financial institutions, government agencies, etc.).
Locate the will (if one exists) and any trust documents.
Identify all financial accounts, property deeds, tax records, and insurance policies.
2. File for Probate
Submit the will (if applicable) to the probate court.
File a petition for appointment as executor or administrator.
Notify heirs and interested parties of the probate process.
3. Inventory the Estates Assets
Identify and appraise all estate assets, including:
Real estate
Bank and investment accounts
Vehicles and personal property
Secure and maintain property (e.g., home insurance, upkeep).
4. Notify Creditors & Pay Debts
Publish a creditor notice if required.
Review claims from creditors and pay valid debts.
Close credit cards, utilities, and subscriptions in the deceased name.
5. Handle Taxes
File final income tax returns for the deceased.
Determine if estate taxes apply (federal or state).
Pay any outstanding property taxes.
6. Distribute Assets to Heirs & Beneficiaries
Follow the will instructions (or state intestacy laws if no will exists).
Transfer titles for real estate, vehicles, and financial accounts.
Ensure all distributions are properly documented.
7. Close the Estate
Provide a final accounting of estate transactions to the court.
Obtain court approval to close the estate.
Distribute any remaining assets and close probate.
Common Challenges Executors Face
Disputes among heirs or beneficiaries.
Locating all estate assets.
Delays in court processing.
Handling real estate sales (especially if the home is in disrepair or has a reverse mortgage).
I’ve been involved with many people involved with liquidation of estates and Estates with reverse mortgages.
Let my experience help with these very intricate transactions.
