What should executors expect to do during probate?

On Behalf of | Aug 22, 2023 | Estate Planning

When it comes to estate planning, executors are necessary for the smooth transition of assets.

Being an executor requires careful attention to detail, organization and a willingness to understand complex financial matters. Here are key aspects executors should know while managing the estate.

Gather the essential documents

The first step for an executor is to collect and secure important documents related to the deceased’s assets and liabilities. According to a 2021 Gallup poll, about 46% of Americans have some form of a will for their belongings.

In addition to wills, these documents might also include, property deeds, bank statements, insurance policies and investment records. Keeping them safe is key to preventing any potential mismanagement.

Manage the assets and belongings

An executor needs to properly give away and manage assets within the estate. This includes properties, bank accounts, investments and personal belongings. Executors should protect these assets and ensure they are not lost or mishandled during the process.

Talk openly with the beneficiaries

Open communication with people who are part of the process, such as beneficiaries, is important. Executors should talk to them regularly about the estate settlement, potential delays and new information that they discover. This helps prevent misunderstandings and allows the executor to stay connected with the beneficiaries.

Pay attention to the legal requirements

Executors are responsible for following legal requirements related to the estate. This includes alerting government agencies about the death and dealing with giving away assets.

Being an executor is a significant responsibility that you need to prepare for. From gathering documents to communicating clearly, executors play a critical role in honoring the wishes of the deceased.