Many people who are called upon to be the executor of an estate after a loved one has passed away have very little idea of what this entails. Following are three of the most important aspects of being an executor to an estate.
You May Be Required to Post a Bond
In certain cases, the court may require that you post a bond in order to protect the estate from any potential losses that may occur. These bonds are commonly referred to as probate bonds or fiduciary bonds, The size of the estate will determine the dollar amount of the bond. If you lack the capital to back the bond, it may be necessary for you to go through the services of a professional lender who specialized in bond services. The bond provides the beneficiaries of the estate with peace of mind in the event that their inheritance is somehow lost. In most cases, you'll be able to get your bond monies back after the estate has successfully gone through probate.
You Will Have to Post Public Notices
As the executor of an estate, it will be your responsibility to see to it that the appropriate public notices are posted. These notices are typically placed in the local newspapers of the community in which the deceased resided. The purpose of posting these notices is to let potential heirs and creditors know about the death of the deceased in a public venue. Known beneficiaries and creditors are informed of the death in private correspondence, but public probate notices are necessary in case there are unknown creditors or heirs. Part of the reason why the probate process takes several months to over a year is to give anyone with a possible claim on the estate the opportunity to come forward.
You Will Be Responsible for Administering the Estate
As executor, the estate will be your responsibility from start to finish. Administering the estate involves filing necessary taxes on the behalf of the deceased, notifying the proper authorities of the death, corresponding with known creditors, and having a professional appraisal done of the estate's assets. You'll also need to be present at the final hearing and handle the disbursements to heirs. The last step will be to file applicable receipts with the court and to formally request that you be released from your duties as executor. The main thing about being the executor to an estate is that you carry out the wishes of the deceased to the letter.
If you would like more information on how to best carry out your duties as the executor of an estate, please feel free to contact a probate lawyer like David R Webb Attorney at your earliest convenience.Share
13 October 2016